A former Secretary to the Government of the Federation, Olu Falae, has told the Federal Government to repair Nigeria’s refineries and sell them to those who can run them.
The former Minister of Finance made the suggestion in an interview on: “Politics Today,” on Thursday.
“Politics Today” is a programme of Channels Television.
Falae said: “The government should repair and sell refineries to those who can run it.
“Crude oil is our national endowment and should be sold at the cost of production plus little margin.
“My belief is that Nigeria’s problem with fuel and its price will be substantially resolved when we are able to repair and recommission our refineries and sell to companies that know how to run refineries.
“We should not try to run them ourselves because if we try to do so, politics will intervene and we will mismanage them.
“I am sorry to say this.”
Falae also spoke on the need to divest the president of the portfolio of the Minister of Petroleum Resources.
He said: “I believe that there ought to be a minister for every important subject in government, including petroleum.
“But I know that petroleum is so important to the finances of the government that no president has been able to take his hands off petroleum completely.
“Not (Ibrahim Badamasi) Babangida, because we had a Minister for Petroleum, not (Olusegun) Obasanjo because we had (Muhammadu) Buhari as Petroleum Minister.
“No president has been able to take his hands off petroleum because it is so important.
“But conceptually, it is necessary and important to have a man of integrity called a minister to manage the petroleum industry in my view on behalf of the president and Nigeria so that he can be held accountable.
“I think it is good for us to have a petroleum minister.
“All ministers report to the president, but the president does not have to be the petroleum minister.”
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On the manufacturing sector, Falae said: “The manufacturing sector is almost dead in Nigeria.
“Once power is inadequate, manufacturing will suffer.
“Power is the most important thing affecting manufacturing.”