The Senate has expressed concerns regarding the $1.5 billion allocated in 2021 for the maintenance of the Port Harcourt Refining and Petrochemical Company, which has yielded minimal results.
This concern arises amidst allegations of sabotage in the crude oil supply to local 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 an investigation.
Senate Leader and Chairman of the Senate Ad-hoc Committee on Alleged Economic Sabotage in the Nigerian Petroleum Industry, Senator Opeyemi Bamidele, addressed these issues during a session with industry stakeholders in Abuja. Key attendees included Finance Minister Wale Edun and NNPC Group Managing Director Melee Kyari.
In 2021, the Federal Executive Council, under former President Muhammadu Buhari, approved $1.5 billion for the rehabilitation of the Port Harcourt refinery. Despite this investment, the refinery remains non-functional, causing Nigeria to depend heavily on imported refined petroleum products.
Senator Bamidele emphasized the inefficiency of government-owned refineries despite significant investments, pointing out the country’s ongoing challenges in the distribution and supply of refined petroleum products. He cited the long queues at filling stations as evidence and criticized the dependence on imports despite Nigeria’s vast crude oil resources.
Bamidele also highlighted concerns about the importation of substandard and hazardous petroleum products. He noted that since 1999, successive administrations have invested billions of dollars in maintaining the state-owned refineries in Kaduna, Port Harcourt, and Warri, yet none are operating effectively.
The Senate’s investigation seeks to address these issues and ensure accountability for the significant investments in the country’s refining capacity that have not produced the expected results.
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