TheCable

The senate committee on finance has proposed the sale of government-owned moribund oil refineries, describing them as “bottomless pits”, despite turnaround maintenance.

Sani Musa, the chairman of the committee, on Saturday, said the proceeds from the sale could be invested in the mining sector to create jobs for Nigerian youth.

“For me, my candid advice to the Federal Government on the nation’s apparently moribund oil refineries is for them to be privatised,” Musa told journalists.

The lawmaker said should the mining and agricultural sectors be repositioned, the youth — who he said constitute 70 percent of Nigeria’s population — would be productive.

“The Not too young to run opportunity given to the youth in the political terrain should be practically extended to the realm of innovation by providing them with a conducive environment and enablement to innovate as it is in most developed countries,” Musa said.

His comment followed similar calls from Taiwo Oyedele, the chairman of the presidential committee on fiscal policy and tax reforms, Clement Isong, the chief executive officer of the Major Oil Marketers Association of Nigeria (MOMAN), and Muda Yusuf, the founder of Centre for the Promotion of Private Enterprise (CPPE).

Oyedele had said the federal government has pumped about N10 trillion into the rehabilitation of the refineries, yet, they have made no contribution to the Nigerian economy.