How FG spent N4.8trn on ‘unproductive’ refineries – Investigation

An ad hoc committee of the House of Representatives has revealed that the Federal Government expended N4.8 trillion on operating costs for three refineries, despite all of them running below 11%.

The committee, chaired by Ganiyu Johnson conducted an investigation and presented its report on Tuesday and was adopted by the House Committee of the whole.

The report revealed that the Federal Government spent over N4.8 trillion in operating costs on refineries that were unable to produce refined petroleum resources, while at the same time spending trillions on fuel subsidies.

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The report further stated that the three refineries became unproductive from the year 2010 making the following range of losses:

Port Harcourt Refinery Company at 7.6% loss to the tune of N132,526.17 billion from 2012

Warri Refinery at 6% loss to the tune of N111,376 billion from 2014; and

Kaduna Refinery at 10% loss to the tune of N122,621.97 billion from 2014.