By Dianabasi Effiong
The Tinubu Media Support Group (TMSG) has described the Federal Government’s resolve to ban the export of crude oil set aside for domestic refineries as timely.
The group made this known in a statement at weekend by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo.
It also expressed shock that some of the 500,000 barrels per day (bpd) of crude meant for local refining had found their way into the international market.
The group stated: “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.”
The statement added that the group considered such practice as economic sabotage.
Hence, it commended 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 when the country has successfully boosted its domestic refining capacity to almost 770 500 barrels per day’.
It further stated, “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.”
The TMSG expressed its belief that there was no reason whatsoever why domestic refineries should not have ready access to Nigerian crude in line with laid down policies.