In difference to the promise by the federal government that the Port Harcourt crude oil refinery will become operational by end of the year, the House of Representatives has concluded plans to probe the N11.3 trillion allegedly spent on refineries’ maintenance from 2010 to 2020.  

Infinity Tyres

Bamidele Salam (Osun: Ede North, Ede South, Egbedore, Ejigbo), Chairman of the House Committee on Public Accounts, revealed this during a briefing in Abuja on Thursday.

According to him, the aim of the probe is to address the increasing cost of petroleum products due to the removal of fuel subsidy.

Salam expressed concern over the deplorable state of Nigeria’s refineries despite the significant amount of money spent on their maintenance over the past decade.

He said the era of squandering public funds on unproductive projects without consequences was over.

His committee, he said, also plans to conduct a thorough examination of the federal government’s accounts and those of the MDAs to uncover wastage, inefficiency, and corruption in the public sector. 

He expressed optimism in President Bola Tinubu’s administration’s efforts to revitalise the Nigerian economy.

The Nigerian National Petroleum Company Limited, had earlier stated that contracts for the maintenance of the Kaduna and Warri refineries costs about $1.4 billion. The total cost for all four refineries was put at about $2.7 billion.