The Senate has raised concerns regarding the $1.5 billion allocated in 2021 for the turnaround maintenance of the Port Harcourt Refinery, questioning the lack of significant results from the investment.
During a session at the National Assembly Complex in Abuja, Senator Opeyemi Bamidele, head of the Senate Ad-hoc Committee investigating alleged economic sabotage in Nigeria’s petroleum sector, criticized the ineffective use of the funds.
The session included key stakeholders such as the Minister of Finance, the Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), and heads of regulatory bodies in the petroleum sector.
The Federal Executive Council approved the substantial investment under the former President Muhammadu Buhari’s administration to rehabilitate the refinery.
Despite this, the government-owned refinery has not operated effectively, leading to heavy reliance on imported petroleum products.
Senator Bamidele highlighted the ongoing challenges in the petroleum sector, including inconsistent distribution and supply of refined products, which have led to long fuel queues.
He expressed frustration that the country, which supplies a significant portion of the global oil market, still faces such issues.
Bamidele noted that despite billions spent on maintaining refineries in Kaduna, Port Harcourt, and Warri since 1999, these facilities remain non-operational. The $1.5 billion investment in 2021, in particular, has not delivered expected improvements.
He emphasized the Senate’s commitment to investigating the allegations of economic sabotage alongside the House of Representatives. Bamidele assured that the inquiry would be conducted impartially, with no individuals beyond scrutiny.
The goal is to address fundamental issues affecting the sector and to develop a legislative framework promoting best practices and investment.
During the session, Malam Melee Kyari of NNPCL affirmed the corporation’s dedication to Nigeria’s interests and denied involvement in any wrongdoing.
Minister of Finance Wale Edun also expressed confidence in the committee’s ability to conduct a fair investigation and stabilize the foreign exchange market through increased crude oil production.
