Thread by @BudgITng

BudgIT has called on Pres. @MBuhari to privatize all government-owned refineries and fully deregulate the petroleum downstream sector.

Our new Policy Brief found: government-owned refineries made a total loss of N159 billion in 2017/18.

#FixOurOil

LINK: fixouroil.com/wp-content/upl…

According to the Policy Brief, Nigeria's government-owned refineries in Kaduna, Port Harcourt and Warri incurred a cumulative loss of N32.8 billion in 2017 and N126.2 billion in 2018, making a total loss of N159 billion in the two most recent years alone.

#FixOurOil

With an average combined refining capacity utilization of merely 8.27% in 2018, the government-owned refineries are consistently unable to meet local demand, putting Nigeria in a precarious situation of importing nearly 91% of locally consumed petrol.

#FixOurOil

Only one private refinery, Niger Delta Petroleum Resources (NDPR), has commenced operation in Nigeria despite the country issuing over 44 refinery licenses to investors so far - some of them issued since 2007. Of these licenses, as issued by DPR, 15 are already expired.

A refinery industry as vibrant as this could generate product sales of nearly N13.1trillion per annum for investors and create additional 439,062 well-paying jobs for Nigerians across the entire value chain, the policy brief says.

Dear @MBuhari, #FixOurOil NOW!