Presidency Reveals Fresh Plan to Revive Port Harcourt Refinery, Others Amid Delay in Repairs

A Trusted Nigerian Newspaper

The Nigerian presidency has announced plans to fully privatize the country's state-owned refineries.According to Sunday Dare, the special adviser to President Bola Tinubu on media and public communications, the full privatization of Port Harcourt, Warri, and Kaduna refineries is currently underway. The development, he said is part of the administration's efforts to reform the oil sector and ensure local refining capacity meets domestic demand.

Nigeria's four major refineries, located in Port Harcourt, Kaduna, and Warri, have a combined installed capacity of 445,000 barrels per day. However, despite the huge resources invested in their rehabilitation, the refineries have performed below optimal levels for decades.The federal government has spent over N11 trillion on the rehabilitation of the refineries from 2010 to 2023, according to the House of Representatives ad-hoc committee on the state of refineries in the country.

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:

NigeriaNewsdesk /  🏆 10. 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.

Presidency Fires Back at Obasanjo Over Claim That Tinubu Entered Office With no PlanA Trusted Nigerian Newspaper
Read more »

Presidency Reveals FG’s Line of Action Following Court Order Seizing $25m Properties to Chinese FirmA Trusted Nigerian Newspaper
Read more »

Nigerian Media Mogul Murray-Bruce Reveals $200 Million Funding for Entertainment Industry During Jonathan's PresidencyBen Murray-Bruce, founder of the Silverbird Group, disclosed at a recent conference in Lagos how he secured $200 million in funding for the Nigerian entertainment industry through former President Goodluck Jonathan.
Read more »

BREAKING: Defense Chief Makes Fresh Pledge, Reveals How Lagbaja’s Death Will Impact the MilitaryA Trusted Nigerian Newspaper
Read more »

Why FEC approved fresh $2.2bn borrowing plan for Nigeria – Finance Minister, EdunThe Minister of Finance, Wale Edun, has explained that the Federal Executive Council approved a fresh $2.2 billion borrowing plan for Nigeria to enable the country’s access to the international capital market for a combination of the Euro bond and SUKUK financing.
Read more »

Rivers State Reacts to Court’s Suspension of Allocation Payments, Reveals PlanA Trusted Nigerian Newspaper
Read more »