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Amidst Unaccounted N1.5trn, Buhari Injects N3.8trn Into Moribund Refineries - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Amidst Unaccounted N1.5trn, Buhari Injects N3.8trn Into Moribund Refineries (185 Views)

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Amidst Unaccounted N1.5trn, Buhari Injects N3.8trn Into Moribund Refineries by Ukpaka: 9:55am On Aug 08, 2021
Amidst Unaccounted N1.5trn, Buhari Injects N3.8trn Into Moribund Refineries
https://247ureports.com/2021/08/amidst-unaccounted-n1-5trn-buhari-injects-n3-8trn-into-moribund-refineries/
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According to records, about N1.47trn was spent by the federal government in maintaining, revamping and running its four moribund refineries between 2015 and 2020. In spite of this huge sum, the government has approved a fresh $5.74billion (about N2.35trn) for the rehabilitation of the Port-Harcourt (old and new), Warri and Kaduna refineries, and for taking some shares in the Dangote Refinery project.

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However, these approvals to spend nearly twice of what had been spent on the refineries in the past five years on rehabilitation have not gone well with experts in the oil and gas industry as they question the refineries’ viability and extent of the impact on ordinary Nigerians.

Some oil and gas experts have, however, hailed the move to repair the Port-Harcourt and other refineries, citing the expected cut in current import burden.

According to a petroleum industry commentator, Suraj Oyewale, government should not spend more money on the refineries; instead, the refineries should be sold off or concessioned.

Oyewale said, “It is clear that the government cannot manage these refineries. Yar’adua made a big mistake by reversing the sale of the refineries by Obasanjo in 2007.

“I don’t mean to sound like a doomsday analyst, but I don’t see anything coming out of this repair. There have been many turnaround maintenances carried out on these refineries in the past three decades, but it gets worse with every maintenance project.”
Re: Amidst Unaccounted N1.5trn, Buhari Injects N3.8trn Into Moribund Refineries by FarahAideed: 10:17am On Aug 08, 2021
The man is just funneling money for his Fulani tribe
Re: Amidst Unaccounted N1.5trn, Buhari Injects N3.8trn Into Moribund Refineries by richidinho(m): 10:30am On Aug 08, 2021
Election money

Let me tell you something about timipre sylva

Dude after election lost in 2007 was made the junior minister of sports under Yaradua.

In 2009, Nigeria was to host U17 worldcup, sylva presented a 37billion naira budget

Yaradua seeing how outrageous the amount was, threathened to pull out claiming sports was not part of his 7points agenda

Sylva and co reduced the budget instantly to 7bn naira, and the man approved

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