The House of Representatives has called for a forensic audit of the Nigerian National Petroleum Company Limited to determine its assets and liabilities as well as its current market value.
The refineries have a combined capacity of 410,000 barrels per day, for maximum production
He said, “It is laughable. They want to sell the refineries to themselves. We don’t agree. It is a no, no. They can’t be allowed to sell our national assets.”But the Petroleum and Natural Gas Senior Staff Association of Nigeria said the call by the National Assembly to allow private entities to run Nigeria’s refineries was in order.
He said, “The oil refineries are some of the many national assets that have faced serious operational challenges for reasons yet unclear. To improve efficiency in the operations of government assets, we believe that transparent privatisation, with Nigerians owning a majority share, will serve the best interest of Nigeria and its citizens.
In the report on the state of the refineries, the House also frowned on the slow rehabilitation of the Port Harcourt Refining Company, blaming the NNPCL and demanding that the contractor be sanctioned for failing to meet some of the terms of the contract. This is expected to lead to a combined processing capacity of 189,000 barrels per day from the OPHR and the NPHR and achieve the targeted date of December 2023.
The report also stated, “The Federal Government and the NNPCL should consider outsourcing the Operations and Maintenance of the refineries to reputable international oil companies to guarantee the reliability, optimal operational availability and to maximise value for money to the nation; The 10th Assembly was further mandated to ensure continuous legislative oversight of the ongoing rehabilitation programme by the NNPCL at the Port Harcourt, Warri, and Kaduna refineries in order to achieve project target timelines and rehabilitation of the refineries to bring them back to maximum refining capacity.
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