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Nigeria’s ban on export of crude oil meant for local refining excites TMSG

The Tinubu Media Support Group (TMSG) has described the federal government’s ban on export of crude oil allocated to domestic refineries as timely.

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group expressed shock that some of the 500,000 barrels per day (bpd) of crude set aside for local refining are finding their way into the international market.

It said: “We are aware that the policy on setting aside some barrels of crude oil for local refiners under the Domestic Crude Oil Supply Obligation (DCSO) is in line with the provisions of the Petroleum Industry Act (PIA) 2021.

“It is also on record that the President Bola Tinubu administration, sometime in October 2024, directed that crude oil allocated to refineries be made exclusively available to them in naira as part of efforts to bolster and encourage domestic refining and flood the local market with surplus fuel for the benefit of Nigerians.

“But like many Nigerians, we are surprised to learn that barrels of crude that should be going to refineries as feedstock are being diverted into the international market in flagrant violation of extant regulations.

“We consider this as a case of economic sabotage and commend the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC) for moving fast to stop this nefarious act that is capable of disrupting local fuel supply at a time the country has successfully boosted its domestic refining capacity to almost 770, 500 barrels per day.

“If local refineries are not getting necessary crude supplies, then they would be justified to look elsewhere for feedstock while marketers would also have no choice but import petroleum products to remain in business. This will ultimately have some impact on the availability of petroleum products locally as well as the pricing.

“So it is gratifying that the Federal government has, through its responsive regulatory authorities, read out the riot act to oil exploration and production companies on the implication of violating the laws of the land on the issue.

“We seize this opportunity, however, to urge the authorities to put in place appropriate measures for effective implementation and strict enforcement of the law rather than playing catch-up and emphasizing sanctions for recalcitrant companies.”

TMSG believes that there is no reason whatsoever why domestic refineries should not have ready access to Nigerian crude in line with laid down policies.

“Any attempt to frustrate Nigerians from benefitting from President Bola Tinubu” ‘s peoples oriented policies will be stoutly resisted,” the group said.

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