{"id":41741,"date":"2021-03-26T10:07:41","date_gmt":"2021-03-26T10:07:41","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=41741"},"modified":"2021-03-26T10:07:48","modified_gmt":"2021-03-26T10:07:48","slug":"nigerias-petroleum-minister-blames-fuel-subsidy-for-faulty-refineries","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=41741","title":{"rendered":"Nigeria\u2019s petroleum minister blames fuel subsidy for faulty refineries"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2020\/04\/Timipre-Sylva1.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p>The Minister of State for Petroleum, Timpreye Sylva, blamed fuel subsidy for the poor state of Nigeria\u2019s refineries. He made this comment while defending the plan to repair the refineries.<\/p>\n\n\n\n<p>He said the reason Nigeria\u2019s refineries are not functioning to full capacity is due to the payment of fuel subsidy, so they must be repaired in order to remove the subsidy.<\/p>\n\n\n\n\n\n<p><ins><\/ins><\/p>\n\n\n\n<p>There had been mixed reactions towards the rehabilitation plan.<\/p>\n\n\n\n\n\n<p><ins><\/ins><\/p>\n\n\n\n<p>The government budgeted $1.5 billion for the repair of\u00a0<a href=\"https:\/\/www.ripplesnigeria.com\/just-in-nigerian-govt-to-spend-1-5b-to-rehabilitate-port-harcourt-refinery\/\">Port Harcourt refinery<\/a>. The amount had been trailed by criticism from who who want the refineries sold without repair.<\/p>\n\n\n\n<p>Ripples Nigeria had reported that oil expert, Olagoke Balogun and founder of Stanbic IBTC, Atedo Peterside criticised the move. Balogun said ths government can never operate the refinery successfully<\/p>\n\n\n\n<p>Peterside said industry experts want refinery sold to the private sector without repair, leaving the buyer to bear the cost burden. But Sylva said it is better to concession a functioning refinery than a faulty one.<\/p>\n\n\n\n\n\n<p><ins><\/ins><\/p>\n\n\n\n<p>\u201cSubsidy is one of the reasons why our refineries are not functioning optimally. That constraint will be taken away with deregulation. That is why we must now fix our refineries, so that they can function optimally in a deregulated regime.<\/p>\n\n\n\n<p>\u201cIt is better to privatise\/concession a functioning refinery than a non-functioning one.\u201d The minister said during a press briefing on Petroleum Industry Bill on Thursday, March 26, 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Minister of State for Petroleum, Timpreye Sylva, blamed fuel subsidy for the poor state of Nigeria\u2019s refineries. He made this comment while defending the plan to repair the refineries. He said the reason Nigeria\u2019s refineries are not functioning to full capacity is due to the payment of fuel subsidy, so they must be repaired [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[43],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria\u2019s petroleum minister blames fuel subsidy for faulty refineries &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=41741\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=41741#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Petroleum\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=43\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Nigeria\u2019s petroleum minister blames fuel subsidy for faulty refineries\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigeria\u2019s petroleum minister blames fuel subsidy for faulty refineries &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=41741","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=41741#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Petroleum","item":"https:\/\/watchdogplusmedia.com\/?cat=43"},{"@type":"ListItem","position":3,"name":"Nigeria\u2019s petroleum minister blames fuel subsidy for faulty refineries"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=43\" rel=\"category\">Petroleum<\/a>","rttpg_excerpt":"The Minister of State for Petroleum, Timpreye Sylva, blamed fuel subsidy for the poor state of Nigeria\u2019s refineries. He made this comment while defending the plan to repair the refineries. He said the reason Nigeria\u2019s refineries are not functioning to full capacity is due to the payment of fuel subsidy, so they must be repaired&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/41741"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41741"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/41741\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}