FG spent N4.8trn as running cost on 'unproductive' refineries - Reps panel

Nigeria News News

FG spent N4.8trn as running cost on 'unproductive' refineries - Reps panel
Nigeria Latest News,Nigeria Headlines
  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 59%

The Federal Government spent over N4.8 trillion as operating cost for three refineries despite all them operating below 11 percent, an investigation by an

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

According to the report, the Federal Government spent over N4.8 trillion as operating cost on refineries that were unable to produce refined petroleum resources, while that government at the same time was spending trillions on fuel subsidy. The report stated that the three refineries became unproductive from 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 bllion from 2014; and Kaduna Refinery at 10% loss to the tune of N122,621.97 billion from 2014.

To address the drain by the refineries, the House resolved that the Federal Government and the NNPCL should consider outsourcing the Operations and Maintenance of the refineries to reputable international oil companies to guarantee reliability, optimal operational availability and to maximize value for money to the nation.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

DailyPostNGR /  🏆 11. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Reps panel summons NEPC MD over status of $1.67bn crude oil revenueReps panel summons NEPC MD over status of $1.67bn crude oil revenueThe committee says the invitation of the NEPC boss is in light of the several borrowings of money despite the huge sum yet to be paid into the treasury, which could have impacted the Nigerian economy.
Read more »

Reps summon NEPC MD over status of $1.67bn crude oil revenueReps summon NEPC MD over status of $1.67bn crude oil revenueThe House of Representatives ad hoc committee investigating alleged loss of crude oil revenue has summoned the Managing Director of Nigeria Export
Read more »

Nigeria Air: Reps grill aviation, justice ministries officials todayNigeria Air: Reps grill aviation, justice ministries officials todayThe House of Representatives Committee on Aviation has rescheduled its investigative hearing on the controversial launch of Air Nigeria, Nigeria’s national carrier, by the last administration led by Muhammadu Buhari.
Read more »

Senate, reps to hold valedictory sessions as 9th n’assembly comes to an end | TheCableSenate, reps to hold valedictory sessions as 9th n’assembly comes to an end | TheCableThe house of representatives will on Wednesday, hold a valedictory session for the ninth assembly led by Femi Gbajabiamila, the speaker, and Idris Wase, his deputy. Yahaya Danzaria, clerk of
Read more »

Reps summon Emefiele over N32.5bn ‘undocumented payment’ | TheCableReps summon Emefiele over N32.5bn ‘undocumented payment’ | TheCableThe house of representatives committee investigating the alleged missing 48 million barrels of Bonny Light crude has summoned Godwin Emiefele, governor of Central Bank of Nigeria (CBN), to provide details on the N32.5 billion paid to two companies -- Messrs GSCL Consulting and Bizplus -- without formal records.
Read more »

Terminating passport contract will cost FG N22bn — RepsTerminating passport contract will cost FG N22bn — RepsThe committee stated that “time will be of the essence if the contract expressly states it or if there are clauses to show that parties intended time to be of the essence.”
Read more »



Render Time: 2025-04-07 20:39:52