The Senate has established ad hoc committees to examine all contracts granted for refurbishing state-owned refineries that are believed to have consumed N11.35tn over the past thirteen years.
Furthermore, the resolution instructed the commission to consult with the Bureau of Public Enterprises, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, and Nigerian National Petroleum Corporation Limited regarding the optimal strategy for commercializing state-owned refineries.
Deputy Senate President Jibrin Barau (APC, Kano) designated Senator Isah Jibrin Echocho as the committee chairman during the plenary.
The Committees on Petroleum Resources (Downstream, Upstream, and Gas), Finance, Appropriations, and Public Accounts are also chaired by other members.
The Senate has established ad hoc committees to examine all contracts granted for refurbishing state-owned refineries that are believed to have consumed N11.35tn over the past thirteen years.
Furthermore, the resolution instructed the commission to consult with the Bureau of Public Enterprises, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, and Nigerian National Petroleum Corporation Limited regarding the optimal strategy for commercializing state-owned refineries.
Deputy Senate President Jibrin Barau (APC, Kano) designated Senator Isah Jibrin Echocho as the committee chairman during the plenary.
The Committees on Petroleum Resources (Downstream, Upstream, and Gas), Finance, Appropriations, and Public Accounts are also chaired by other members.
Karimi voiced apprehension in his motion regarding the significant financial drains caused by state-owned refineries, which have deprived the populace of the privileges associated with being an oil-producing country.
According to him, Nigeria is estimated to have spent N11.35trillion on refinery renovations between 2010 and the present, excluding costs denominated in other currencies such as 4,877,068.47 Euros, 3,455,656.93 Pounds, and $592,976,050.00. However, these investments have proven to be ineffective.
He stated that the four refineries’ estimated operational expenses between 2010 and 2020 are N4.8 trillion, notwithstanding their current state of dormancy.
He further stated that the refineries are anticipated to incur a total loss of N1.64 trillion over four years.
The individual conveyed concern that should the Senate fail to comprehensively examine previous and ongoing rehabilitation initiatives, the cycle of awarding ineffective turnaround maintenance contracts might continue. This would maintain the current state of affairs, in which rehabilitation contracts have been exploited to divert public funds.
In their diverse contributions, senators stated that the nation could not continue to waste money on an unproductive endeavor and urged the appropriate authorities to sanction those accountable for the condition of the refineries.
He stated, “The money already spent on refineries could be used to construct an entirely new one.” “Senators must approach the issues with the utmost seriousness they merit.”
In contrast, Adamu Aliero (PDP, Kebbi) claimed that economic saboteurs intentionally thwarted the government’s efforts to operationalize the refineries so they could continue to profit from petroleum imports. In contrast, Aliyu Wadada (SDP, Nasarawa) lamented the high level of corruption.
Idiat Adebule (APC, Lagos) questioned why the country continues to invest annually in the modernization of inoperable refineries.
The Deputy Senate President stated that the nation’s current economic hardship would not exist if the refineries were operational.
Barau stated, "Therefore, a comprehensive investigation must be conducted to ensure that all pertinent information is disclosed to us."Who are the individuals who are undermining the government’s initiatives? Whoever is impeding the government’s efforts to put these refineries back into operation and those who have appropriated funds intended for rehabilitation must be held accountable. “We must be aware of them and take decisive action accordingly.”