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Tag: $1.5bn

  • Reps To Investigate $1.5bn Port Harcourt Refinery Rehabilitation Cost

    Reps To Investigate $1.5bn Port Harcourt Refinery Rehabilitation Cost

    The House of Representatives has mandated its committee on Petroleum Resources Downstream to organise an investigative hearing to ascertain the true state of the Port Harcourt refinery which the Federal Government has approved the sum of $1.5billion for the rehabilitation.

    The House also mandated the committee to carry out a comprehensive audit of funds previously spent on the Port Harcourt refinery and other refineries across the country.

    This decision follows a motion moved as a matter of public importance by Representative Onofiok Luke.

    The lawmakers expressed worry that so much had been spent on maintaining and rehabilitating the refineries but the outputs have barely improved.

    They also asked the Federal Government to grant licenses and provide incentives for the construction of modular refineries.

    The Federal Executive Council last week approved $1.5 billion for the rehabilitation of the Port Harcourt refinery which is said to commence immediately.

    The Minister of State for Petroleum Resources, Timipre Sylva, who made the announcement after the FEC meeting said the rehabilitation will be carried out in three phases.

  • $1.5bn Refinery Project: Nigerians Should Hold Me Accountable For Every Cent – Sylva

    $1.5bn Refinery Project: Nigerians Should Hold Me Accountable For Every Cent – Sylva

    The Minister of State for Petroleum Resources, Timipre Sylva, has promised to ensure that every cent of the $1.5 billion proposed for the rehabilitation of the Port Harcourt refinery is accounted for.

    He made the pledge during an interview aired on Channels Television’s Sunday Politics where he boldly looked at the camera and asked Nigerians to hold him responsible in the event of anything otherwise.

    “I can look at the camera; they (Nigerians) can hold me accountable and hold this government accountable for every dollar, every cent on this project and ensure that we deliver a refinery that works,” the minister said.

    The decision of the Federal Government to rehabilitate the refinery in Rivers State with the sum has triggered debates in the country.

    While the government’s critics accused it of corruption, others were concerned that adding such an amount of money to the country’s debt burden would be dangerous.

    Sylva, however, stated that there was no cause for alarm as the government does not intend to borrow all the funds to rehabilitate the refinery.

    He noted that a subsidiary of the Nigerian National Petroleum Corporation (NNPC) – Nigerian Petroleum Development Company Ltd (NPDC) – and others would contribute the money to be used for the project.

    According to the minister, part of the money will come from NNPC’s internally generated revenue and the Federal appropriation, while a little fraction will come from the African Export-Import Bank (Afreximbank).

    He also explained how the repayment plan was designed, saying the operations of the refinery would pay back the funds to be used.

    “The NNPC is going to spend about $200 million from its internally generating revenue sources, while the Federal appropriation will put in about $800 million and it is already broken down into three parts,” he disclosed.

    Sylva added, “The 2020 appropriation will give $350 million, 2021 appropriation will give another $350 million, and 2022 appropriation will give another $100 million, making it all $800 million from appropriation, and then the rest of it will now come from Afreximbank.”

  • Using $1.5bn to renovate Port Harcourt refinery is a huge waste – Peter Obi blasts FG

    Using $1.5bn to renovate Port Harcourt refinery is a huge waste – Peter Obi blasts FG

    A former Governor of Anambra State, Peter Obi, has slammed the Federal Government of Nigeria for approving $1.5 billion to renovate the Port Harcourt refinery.

    Obi, in a tweet via his Twitter handle on Friday, said it was a ‘huge waste,’ for the present administration to renovate the Port Harcourt refinery with such an amount of money.

    According to him, the Federal Government, which is supposed to manage the affairs of the country, is worsening the situation by their financial rascality.

    He tweeted, “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.

    “Our country is on life support, but sadly, the managers of our affairs are worsening the situation by their financial rascality.”

    Recall that the Federal Executive Council (FEC) on Wednesday approved 1.5 billion dollars for the rehabilitation of the Port Harcourt Refinery in Rivers State.

    Minister of State for Petroleum Resources, Timipre Sylva, made the disclosure while briefing State House correspondents on the outcome of the Council meeting held at the Presidential Villa, Abuja.