The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria lacks sufficient crude oil to supply the Dangote Petroleum Refinery with 700,000 barrels daily, raising concerns about the country’s ability to meet domestic refining demand.
Oyedele disclosed this during an interview on Channels Television’s Politics Today, where he also ruled out the Federal Government’s return to fuel subsidy, insisting that the administration would not reverse its petroleum pricing policy.
“We are still not at the point where we can give Dangote Refinery 700,000 barrels of crude oil; we don’t have enough to service Dangote Refinery,” the minister said.
His remarks highlight the challenge of supplying locally produced crude to domestic refineries despite efforts to reduce Nigeria’s dependence on imported petroleum products.
The Dangote Petroleum Refinery, located in the Lekki area of Lagos State, has a nameplate capacity of 650,000 barrels per day.
The facility is designed to process crude oil into petrol, diesel, aviation fuel and other petroleum products.
However, its ability to operate at full capacity depends partly on the availability of crude oil, alongside other operational requirements.
Oyedele’s comments come amid continuing concerns over crude supply to domestic refineries and the cost of petroleum products.
The minister, however, maintained that the Federal Government had no plan to restore fuel subsidy, signalling its commitment to the existing petroleum pricing policy.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
