$1.5bn Port Harcourt Refinery Rehabilitation: Reps Caucus Rejects Cost, Demands Review

The Minority Caucus in the House of Representatives, has rejected the $1.5 billion for the rehabilitation of the Port Harcourt refinery, describing the figure as outrageous and heavily inflated.

BIGPENNGR recalls the Federal Executive Council (FEC) had recently at its virtual meeting presided over by President Muhammadu Buhari approved $1.5 billion for the rehabilitation of the refinery.

The Caucus maintained that the project can be transparently executed at an amount, far less than the approved over-bloated cost.

The lawmakers, in the statement by the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu, on Tuesday 30th March, 2021, noted that whereas, the caucus is in support of any genuine effort to bridge energy deficit in Nigeria, such should not be used as a ploy by corrupt individuals to fleece the nation.

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“This over bloated $1.5 billion cost has again brought to the fore the prevailing unpatriotic proclivity of treasury looting and criminal diversion of public funds through inflated contracts by officials of government for their selfish interests.

“It is completely unexplainable that the sum of $1.5 billion, belonging to Nigerians, is to be funneled towards the rehabilitation of a non-profitable refinery, which has already been slated to be handed over to private hands.

“As lawmakers, we firmly reject this attempt to use the refineries to further defraud our nation. In that regard, our caucus demands an immediate review of the project on a transparent and competitive cost template, while the billions of naira that would be recovered from the surplus, should be directed towards other areas of our national energy need.

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“Furthermore the minority caucus calls for immediate decisive steps towards providing required incentives to private organizations who have shown manifest interest in establishing refineries in our country, as a sure step to meet our national energy need,” the lawmakers stated

The caucus therefore, urged the Federal Executive not to release any funds related to the inflated rehabilitation costs until after the review.