- 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 House of Representatives has mandated its committee on Petroleum Resources Downstream to launch an inquiry with a view to ascertain the true state of the Port Harcourt refinery which the Federal Government has approved the sum of $1.5billion for its rehabilitation.
The House also directed 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 a lawmaker, Onofiok Luke.
The lawmakers lamented that so much had been spent on maintaining and rehabilitating the refineries but the outputs have barely improved.
Read also: Port Harcourt Refinery: ‘Not All $1.5bn Will Be Borrowed’, FG Tells Nigerians
The Minister of State for Petroleum Resources, Timipre Sylva, had defended the approved sum, saying that it won’t add to the nation’s debt burden and that a method had been worked out to ensure this.
Sylva said the first phase will be completed in 18 months which will take the refinery to a production of 90 percent of its capacity while the second and final phases will be completed in 24 and 44 months, respectively.
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