The House of Representatives Ad Hoc Committee on the State of Refineries in the Country has said the Federal Government spent a total sum of over N11 trillion on rehabilitating refineries from 2010 to date.
“That the total cost of rehabilitation for the three refineries based on the submissions of the NNPC from year 2013 to 2019 is put at N42,646,596,313.40 only; that other project costs were reported in foreign currencies at KRPC such as USD43,672,537.56, EUR2,852,068.15 and GBP 3,455,656.93;
“That FBNQuest Merchant Bank was engaged by the NNPC between 2017 and 2020 as Financial Advisor on a Project Financing Transaction for the rehabilitation of all the nation’s three refineries and placed on a monthly Retainer Fee of US$28,000 starting from August 2, 2017; that FBNQuest Merchant Bank received a total of US$438,012.
According to the panel, the total deductions from the Federation Account for the rehabilitation of refineries from 2020 to 2021 are put at ₦191,670,000,000, while the Federal Government expended N6.96tn between 2006 and 2020 on petroleum subsidy according to NEITI. The report further read, “A detailed inspection of equipment plus integrity study for rehabilitation of the PHRC was signed on 14th February, 2019, with Tecnimont SPA for the total lump sum price of US$51.45m. That contract for the Engineering, Procurement, Construction, Installation and Commissioning of works for the rehabilitation of Port Harcourt refinery was signed 6th April, 2021, between NNPC/PHRC and Tecnimont S.P.A. for the Lump Sum Contract Price of $1,397,000,000.
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