- Senator Opeyemi Bamidele, voiced these concerns at a session with industry stakeholders in Abuja
The Senate has raised concerns over the $1.5 billion approved in 2021 for the turn-around maintenance of the Port Harcourt Refining and Petrochemical Company, which has shown little to no results.
This follows allegations of sabotage in the supply of crude oil to domestic refineries.
The National Assembly has summoned officials from the Nigerian National Petroleum Company Limited (NNPC), the Nigerian Upstream Petroleum Regulatory Commission, and the Dangote Petroleum Refinery, among others, for a probe.
Senate Leader and Chairman of the Senate Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry, Senator Opeyemi Bamidele, voiced these concerns at a session with industry stakeholders in Abuja.
The session was attended by key figures, including Finance Minister Wale Edun and NNPC Group Managing Director Melee Kyari.
In 2021, the Federal Executive Council approved $1.5 billion under former President Muhammadu Buhari’s administration for the rehabilitation of the Port Harcourt refinery. Despite this investment, the refinery remains non-functional, forcing Nigeria to rely heavily on imported refined petroleum products.
Senator Bamidele highlighted the inefficiency of government-owned refineries despite substantial investments, stressing that the country faces significant challenges in the distribution and supply of refined petroleum products. He pointed to the long queues at filling stations as evidence of these challenges and criticized the reliance on imported products despite Nigeria’s substantial crude oil production.
Bamidele also raised concerns about the importation of substandard and hazardous petroleum products into the country. He noted that successive administrations since 1999 have invested billions of dollars in maintaining the state-owned refineries in Kaduna, Port Harcourt, and Warri, yet none are functioning effectively.
The Senate’s probe aims to address these issues and seek accountability for the substantial investments made in the country’s refining capacity without commensurate results.
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