Senate Sets In-Depth Probe Of N11 Trillion Spending On Refinery Turnaround

The Senate has established a special committee tasked with investigating all the contracts awarded for the refurbishment of state-owned refineries, which have reportedly consumed a total of N11.35 trillion over a span of 13 years…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

The committee has also been charged with questioning the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Nigerian National Petroleum Corporation Limited (NNPCL), and the Bureau of Public Enterprises (BPE) on the most effective strategy for commercializing state-owned refineries.

Deputy Senate President Barau Jibrin (APC, Kano), who oversaw the plenary session, appointed Senator Isah Jibrin Echocho as the committee’s chairman.

This committee includes the heads of the Petroleum Resources (Downstream, Upstream, and Gas) committees, Finance, Appropriation, and Public Accounts. The committee is expected to present its findings within a four-week timeframe.

These decisions were made following a motion presented by Senator Sunday Karimi (APC, Kogi West) during Tuesday’s plenary.

Nigeria’s four refineries, located in Kaduna, Warri, and Port Harcourt, have remained nonfunctional for years, despite extensive maintenance efforts through various Turn Around Maintenance (TAM) contracts that have incurred significant costs.

Karimi, in his motion, expressed deep concerns over the substantial financial burden that state-owned refineries in Nigeria have placed on public finances.