Peter Obi, the former governor of Anambra state, has criticised the federal government for approving $1.5 billion for the rehabilitation of the Port Harcourt refinery.
On Wednesday, the federal executive council (FEC) approved $1.5 billion for the repair of the Port Harcourt refinery.
Timipre Sylva, minister of state for petroleum, said the rehabilitation will be done in three phases of 18, 24, and 44 months.
“The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of 1.5 billion, and that memo was $1.5 billion and it was approved by council today,” Sylva had said.
Advertisement
Reacting on Friday, Obi described the approval of $1.5 billion for the renovation of the refinery as “a huge waste”.
The former vice-presidential candidate said the country is on life support and approving such a whopping amount to repair the refinery amounts to financial rascality.
“The news of the planned expenditure of a whopping $1.5 billion for Port Harcourt refinery repairs is worrisome to well-meaning Nigerians. In light of our precarious economic situation, it is a huge waste,” he said.
Advertisement
“Our country on life support, but sadly the managers of our affairs are worsening the situation by their financial rascality.”
The Port Harcourt refinery has the capacity to refine over 200,000 barrels of oil per day at optimum capacity.
According to the latest report from the Nigerian National Petroleum Corporation (NNPC), it did not refine any crude oil in September 2020.
Advertisement
3 comments
what happened to the billions running into trillions that has been spent monthly in turn around maintenance on this same refinery since this administration came to power 6 years ago that it now warrant this N700b? what a country
You would prefer Nigerians to pay N1500 a gallon as we do in the US right? And the moment PMB does that you will you the same tiny thumbs to tweet nonsense. You cannot be both against subsidy and repair of refinery. Something is fundamentally wrong inside your brain
how much is a refinery? why does it make sense to you to spend this much fixing one that has been fixed atleast 5 times on paper the past 20 years and by a govt that can’t fix a bridge. 44 months to complete the project (check yourself before you comment from the US).