A former director of the Central Bank of Nigeria (CBN), Titus Okunrounmu, has called on the federal government to redoubt its efforts toward building new refineries to meet domestic demand for petroleum products.

Mr Okunrounmu made the call on Sunday while reacting to the persistent increase in the pump price of diesel and resurfacing of petrol scarcity in some parts of the country.

The Ex-CBN director noted that building new refineries had become necessary considering the size and population of the country.

“If the country exported crude oil to other countries, the nation would be in money, and Nigeria will be what God want us to be,” he said.

He explained that the crude oil balance could be exported worldwide, generating more income to boost the nation’s revenue base.

Mr Okunrounmu said that the additional revenues generated from selling the crude oil could be used to pay workers’ salaries rather than borrowing to pay.

He stressed the need for the federal government to develop new refineries due to the country’s collapse of the four major ones.

Mr Okunrounmu advised the federal government against depending on individuals who have refineries or presently building one to check monopoly power in the country.

He noted that if an individual-owned refinery fails for a day in the supply of petroleum, the whole country would be in a serious problem, adding that there is no wisdom in waiting for a monopoly to solve the problem of petroleum supply in the country.

(NAN)