Politics National Confab Gives FG 3 Year Ultimatum to Build New Refineries and Repair Existing Ones



The National Conference in #Abuja on Tuesday adopted the amended report of its Committee on Public Finance and Revenue.

One of the recommendations was the conditional removal of petroleum subsidy by the Federal Government.

The committee had proposed immediate removal of petroleum subsidy, but the recommendation was amended following a motion by 24 delegates moved by Dan Nwanyanwu and supported by the majority.

The motion stated that the Federal Government shall within three years from the date it approved the recommendation build new refineries and repair existing ones to full capacity utilisation.

``That private sector entrepreneurs who have already been granted licences to build new refineries shall within a period of three years from date, build new refineries or automatically forfeit such licences.

``This is to enable other participants who are ready and willing to build such refineries within a period of three years the opportunity to do so.


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