The Senate, on Wednesday, expressed concerns over the $1.5 billion granted in 2021 for maintenance at the Port Harcourt Refinery, which has yielded little or no results.
Opeyemi Bamidele, Chairman of the Senate Ad Hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry, expressed concerns during an interactive session with stakeholders in Abuja.
The Senate Leader, said punishing public firms poorly was unjust and unethical while private businesses thrived and prospered.
He noted that the Federal Executive Council (FEC) approved the Ministry of Petroleum Resources’ plan to rebuild and turn around the Port Harcourt Refinery with $1.5 billion.
Bamidele also raised alarm about the malfunctioning state of government-owned refineries, despite billions of dollars spent on turnaround maintenance.
“The federation is facing a genuinely difficult phase. Our fatherland’s recent past has seen erratic and troublesome distribution and supply of refined petroleum products.
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“The huge lines at gas stations are visible evidence of this difficulty.
“A situation whereby we now depend almost entirely on the importation of these products even when we daily supply the global oil market with about two percent of its crude oil requirements is worrisome,” he said
He also expressed worry over importing dangerous petroleum products and dumping substandard fuel in the country.
Bamidele said that since 1999, the Federal Government had “invested billions of dollars to maintain and turn around the state-owned refineries in Kaduna, Port Harcourt, and Warri. However, the refineries are not operating.
“In 2021, specifically, the Federal Executive Council budgeted 1.5 billion dollars for turnaround maintenance at the Port Harcourt Refinery. However, this investment has not produced considerable profits.
“For us in the Senate, we believe, it is unfair and unpatriotic to treat government businesses or public corporations as an orphan while private businesses are flourishing and thriving.”
He stated that the National Assembly was prepared to conduct the investigation hearing with utmost respect and responsibility.
