Senate Probes N11.35tn Spent On Rehabilitation Of Refineries

The Senate has raised an ad hoc committee to investigate all the contracts awarded for the rehabilitation of all state-owned refineries said to have gulped N11.35tn in 13 years.

It also mandated the panel to interrogate the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Corporation Limited and the Bureau of Public Enterprises on the best approach to commercialise state-owned refineries.

Nigeria’s four refineries in Kaduna, Warri and Port Harcourt had become moribund for years despite the series of repairs executed under various Turn Around Maintenance contracts that had gulped huge amounts.

Karimi, in his motion, expressed concern that the state-owned refineries have been serious drain pipes of public finance, depriving citizens of the joy of being an oil-producing nation.

He said between 2010 and now, Nigeria is estimated to have spent N11.35trillion, excluding other costs in other currencies which include $592, 976, 050.00, 4, 877, 068.47 Euros and 3, 455, 656.93 Pounds, on the renovation of refineries, yet they are unproductive.

Native Reporters