Saturday, September 30, 2023

N11.35tn Spent On Refineries In 13 Years – Reps Panel

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The House of Representatives Ad Hoc Committee on the State of Refineries in the Country has said the Federal Government spent a total sum of over N11 trillion on rehabilitating refineries from 2010 to date.

Fuel subsidy palliative

Chairman of the committee, Ganiyu Johnson, however, failed to convince the Deputy Speaker, Ahmed Wase, who chaired the Committee of the Whole, to consider the report.

Wase dismissed the recommendations by the committee as failing to address the main issues for which the panel was set up as well as not being far-reaching enough to change the current situation of things.

In the report, a copy of which our correspondent obtained, the committee gave a breakdown of the actual cost of rehabilitating the Nigerian refineries between 2010 and 2020, and from 2020 to date.

READ ALSO: Akeredolu Congratulates Tinubu, Asks Him To Focus On Socio-Economic Programmes

According to the panel, the total cost of rehabilitation within the period is N11,349,583,186,313.40 while the additional costs in other currencies are $592,976,050, €4,877,068.47 and £3,455,656.93.

Giving a breakdown of the figures, the committee said while the cost of rehabilitation projects was ₦42,646,596,313.40, the deduction from Federation Account for rehabilitation was N191,670,000,000 and the losses by the refineries over a given period at N366,524,140,000.

READ ALSO: NNPC CEO Silent On Take-off Date For Petrol Subsidy Removal

While subsidy payments from 2010 to 2020 were ₦5,948,140,000,000, the total cost of running the refineries was ₦4,800,602,450,000.

House Of RepsTrending video of the day;

Photo Credit: Getty

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