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Despite producing an average 1.323m bpd of crude oil in 2021and spending over $25billion on rehabilitation in last 25years, Nigeria records 1% refinery utilisation rate.
Recall that one of the major campaign promises of President Buhari in 2015 is to ensure one refinery is rehabilitated yearly.
Recall that one of the major campaign promises of President Buhari in 2015 is to ensure one refinery is rehabilitated yearly. Buhari Government has about 8months left in office, with Dangote private refinery the only hope of oil producing giant, Nigeria.
The Nigerian government spends an average of N18. 39bn ($43.8m) daily on petrol subsidies despite expending 118% of its revenue on debt servicing.
Nigeria could spend up to 6.72 trillion naira ($16.2 billion) next year if it keeps a fuel subsidy in place, Finance Minister Zainab Ahmed said on Thursday, a nearly 70% jump from this year’s budget.
Ondomind
