According to Mele Kyari, Group Managing Director of Nigerian National Petroleum Company Limited, the Bola Tinubu administration has reached an agreement to have one of the four refineries restored and functioning at peak efficiency by the end of the year. During a meeting with Senator Abdullahi Adamu, the National Chairman of the All Progressives Congress, Kyari revealed this.
He urged Nigerians to have patience while the President develops palliative measures to ameliorate their suffering. I am aware that the president has ordered some engagements, and some palliatives would be implemented, Kyari added. I am confident that this will occur. The rehabilitation effort is ongoing. One of them will be released this year, the second one the next year, and the third one after that.
It goes without saying that we can no longer afford subsidies. Bills for subsidies are mounting. The amount we are paying on subsidies is more than the nation can pay to the NNPC. Pricing this petroleum at market value is therefore appropriate at this moment, and in the long run, in my opinion, it would be advantageous for the nation.