The Nigerian Senate has established an ad hoc committee to investigate contracts awarded for the rehabilitation of state-owned refineries. Over the past 13 years, an astonishing N11.35 trillion has reportedly been spent on these endeavors. The committee’s responsibilities extend to interrogating key players in the petroleum industry and exploring the best approach for the commercialization of state-owned refineries.
Investigating a Hefty Expenditure
During a recent plenary session, Senator Sunday Karimi raised concerns about the state-owned refineries, which have remained non-operational despite extensive investments. From 2010 to the present, Nigeria has allocated approximately N11.35 trillion to refinery renovation projects, excluding additional costs in foreign currencies amounting to $592,976,050.00, £4,877,068.47, and €3,455,656.93. This colossal expenditure hasn’t translated into productive refineries.
Karimi emphasized that the refineries’ operational costs from 2010 to 2020 stood at an estimated N4.8 trillion. He, like many other senators, expressed the view that the nation cannot continue to invest in a venture that offers no returns to the public.
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Calls for Accountability
Numerous senators participating in the discussion emphasized the need for accountability. Senator Adams Oshiomhole pointed out that the funds allocated for refinery rehabilitation could have been utilized to build entirely new facilities. Senators collectively stressed the importance of a thorough investigation to identify those responsible for the state of the refineries.
Deputy Senate President Jibrin Barau highlighted the significance of the inquiry, emphasizing that it is crucial to uncover all relevant information. He expressed a determination to hold accountable anyone who may have undermined government efforts to make the refineries operational and those who misappropriated funds intended for their transformation.
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