July 25, 2024
N366.5bn Spent On Non-Functional Refineries
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N366.5bn Spent On Non-Functional Refineries

The House of Representatives is calling for a forensic audit of all rehabilitation projects in the nation’s 3 oil refineries, revealing that the total losses from the refineries between 2010 and 2023 stands at N366.5bn 

The House also says that the total cost of operations and running the refineries from 2010 – 2020 was N4.8 trillion.

The information stems from a report of the ad-hoc committee of the House of Representatives on the state of refineries in the country chaired by Hon. Ganiyu Abiodun Johnson from Lagos State.

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The Committee was set up in March last year to interface with the head of Nigerian National Petroleum Company (NNPCL) Limited, Mr. Mele Kyari, and other stakeholders in the oil and gas sector, to give an account of the true state of refineries in the wake of a telling fuel scarcity at the time.

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