'Nigerians want functional refineries as solution to economic woes' – Expert

<h2>An economic expert, Mr Yusha’u Aliyu, says that Nigerians are expecting functional refineries to cushion the effects of subsidy removal on Premium Motor Spirit (PMS) also known as fuel.</h2>, <p>Aliyu also expressed regrets on the president’s remarks on economic issues like subsidy, palliative, preferential exchange rate system among others, noting that they were the most disturbing in recent times.</p>, <span>Mr Yusha’u Aliyu (Credit: NAN)</span>, <p>Aliyu said this in an interview with the News Agency of Nigeria (NAN) in Abuja, in reaction to President Bola Tinubu’s live broadcast on Monday, on the country’s economic situation.</p>, <p>NAN reports that Nigerians have been faced with hardship and sufferings occasioned by the removal of subsidy on PMS by the current administration, while the country’s refineries in Port Harcourt, Warri and Kaduna are yet to begin operation.</p>, <p>Aliyu said that functional refineries would have solved all the contending issues surrounding the general inefficiency of the oil sector, but on the contrary, nothing of such was mentioned.</p>, <p>“The president was technical on inflation, even though it is the most disturbing factor militating against targeted prosperity.</p>, <p>“The best time for the president to intervene is now.</p>, <p>“Revisiting the Central Bank of Nigeria’s (CBN) importers window will guarantee a temporary stability of PMS pricing and moderation of inflationary trends,” he said.</p>, <p>Aliyu expressed regrets on the president’s remarks on economic issues like subsidy, palliative, preferential exchange rate system among others, noting that they were the most disturbing in recent times.</p>, <p>He, however, said that the simple terms required should have been functional refineries for lasting solution. It would be recalled that fuel was sold at ₦195 per litre before the deregulation but swiftly rose to ₦540 per litre shortly after the removal of subsidy which affected Nigeria’s economic situation.</p>, <p>In July, fuel pump price was further increased from