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Oseni Rufai has raised a pertinent question about the crude supply to local refineries, asking how the government can get crude to these refineries at a measurable price and at a competitive price.
He said the crude-for-naira scheme makes sense because when crude is bought in naira, Nigeria does not have to expend its US dollars, thereby putting less pressure on the country’s foreign exchange.
According to Rufai, however, there have been complaints about the viability of the scheme, especially regarding prices.
He recalled that Dangote had complained that the refinery still had to buy crude internationally because of several problems surrounding the scheme.
Rufai said CORAN is now talking about factoring transportation costs, logistics costs and other related expenses into the arrangement.
He therefore said the challenge should now be pushed back to the government, asking how the government intends to help and what it has done regarding the issue.
Rufai also questioned the different positions surrounding the effectiveness of the crude-for-naira scheme, noting that NMDPRA recently released figures suggesting that the scheme is working.
He said if the scheme is really working effectively, NMDPRA should engage with CORAN because both sides should be able to have a handshake on what is actually happening within the ecosystem.
Rufai then turned to the praise Nigerians are currently giving the Dangote Refinery, saying the bigger praise should go to a man whose name many Nigerians may not want to hear: former CBN Governor Godwin Emefiele, popularly known as Mefi.
The truth is always bitter, Rufai said.
He argued that if not for the crucial role Emefiele played, what is saving a lot of Nigerians today would not have been there.
Rufai recalled the launch of the Dangote Refinery, asking whether Emefiele was given a prominent role to feature and speak at the event.
According to him, Emefiele did a lot, and it was under him that the refinery project came to be.
Rufai said the Dangote Refinery has now saved Nigeria from a lot of things, particularly the money that would have been spent importing petrol.
He noted that Dangote has taken over much of that burden because he now refines fuel locally, while other refinery operators have not been able to build their refineries and still largely depend on imports.
You might not agree with Dangote on everything, but one thing you cannot fault him for is that the level of strength that we have in our economy today, that we don’t have to use dollar for a lot of things and expend dollar, is also thanks to Dangote Refinery, Rufai said.
He insisted that when Nigerians are thanking Dangote Refinery, they can also, by extension, thank Emefiele because of the role he played in getting the refinery ready.
Rufai said he would not go over the details of Emefiele’s role because they are already in the public space.
But I know this thing I have just said is like putting salt on earthworm. Some people don’t want to hear it. But you cannot discount the fact that it is the truth. Pure and simple. No matter how you want to say it, no matter how you want to look at it.
— Oseni Rufai
SB E-news Efficiency
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