Tinubu Vows Refinery Revival, Links Success to Profitability

President Bola Tinubu announced his administration's commitment to reviving Nigeria's state-owned refineries, but stressed that their revival would hinge on productivity and profitability, not mere operational activity. "Ordinary flame and smoke of a refinery doesn’t mean it’s working, until it’s profitable and yields the value for which it is built," Tinubu stated during a meeting with the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

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The refineries you mentioned are going to come back to work. We’re just building a very firm reset and structural reworking of the economy.

The President also addressed the transition to Compressed Natural Gas (CNG), urging vehicle and truck owners who have benefited from cost savings to extend these reductions to commuters. "We will encourage you, but ask your drivers to let it trickle to the commuters too," he said, expressing a desire for the benefits to spread more widely.

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Ordinary flame and smoke of a refinery doesn’t mean it’s working, until it’s profitable and yields the value for which it is built.

Tinubu tied these initiatives to his administration's broader economic reforms, including the removal of fuel subsidies. He asserted that the funding now available for major road infrastructure projects, such as the Lagos-Ibadan and Abuja-Kano expressways, is a direct result of these reforms. He refuted the notion that subsidy removal negatively impacted ordinary citizens, arguing instead that salary earners across all government tiers and market women have benefited from the economic reset.

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We will do more. We will encourage you, but ask your drivers to let it trickle to the commuters too, because whatever benefit that is coming from CNG is going into the pocket of truck owners. It’s not spreading as fast as I would like it, but it should spread.

Recalling a past meeting with NUPENG, Tinubu reminded the union that he had been clear about his stance on subsidies. "You may strike all you want, but fuel subsidy will be gone," he stated, emphasizing his commitment to the policy despite potential industrial action. He affirmed his responsibility for fixing the economy, regardless of the challenges.

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I’m glad you have seen the effect of being able to find funding for long-term projects, the Lagos-Ibadan Road, Abuja-Kaduna, Abuja-Kano, Sokoto-Badagry and many other road networks, all for the good of us, the good of our economy and the safety of our people.