Nigeria spent $25 billion to fix local refineries, outgoing parliament says

Date:

ABUJA, June 06 – Nigeria spent more than 11.35 trillion naira ($25 billion) on fixing the country’s three moribund refineries in the past 10 years, the outgoing parliament said in a report, calling for a forensic audit of the matter.

Thank you for reading this post, don't forget to subscribe!

Despite the huge amounts spent to rehabilitate the refineries, they were producing at less than 30% capacity, the lower house of parliament said late on Tuesday. This has kept the country reliant on fuel imports, which it subsidies to keep prices low.

The report came as state oil firm NNPC Ltd on Wednesday hiked petrol prices to as high as 557 naira ($1.21) per litre, from 189 naira, days after new President Bola Tinubu said fuel subsidies would be scrapped.

Tinubu has inherited a myriad of problems, including low economic growth, high public debts, double-digit inflation and militant activity.

Parliament will be dissolved in two weeks’ time after which new lawmakers will be sworn in. Lawmakers plan to pass on their recommendation to new members and government.

NNPC has been working to revamp the refineries, which were shut down entirely in 2021 and produced little or no fuel over the past decade.

Parliament said the Warri and Port Harcourt refineries were under rehabilitation and recommended that the Kaduna refinery should be also be subject to such treatment.

Last week, Nigeria commissioned Dangote’s 650,000 barrels a day refinery amid hopes of transforming the country into a net exporter of petroleum products, but analysts said securing crude supplies could affect it achieving full production this year.

($1 = 460.00 naira)

Share post:

Subscribe

Popular

More like this
Related

NBC opens recycling bank in Lagos

February 21, 2024. Azonuchechi Chukwu. The Nigerian Bottling Company (NBC) Ltd....

FGN bonds: DMO raises N1.4 trn in February auction

February 21, 2024. Azonuchechi Chukwu. The Debt Management Office (DMO) said...

Enugu Police Rescue 20 Kidnap Victims, Arrest 83 Suspects

February 21, 2024. Azonuchechi Chukwu. The Police Command in Enugu State...

Tinubu Promises Millions of Jobs By Unlocking Trillions In Public Wealth To Boost Nigeria’s Economy

Feb 21,2024. President Bola Ahmed Tinubu has disclosed that his...
WP to LinkedIn Auto Publish Powered By : XYZScripts.com