The House of Representatives will carry out a comprehensive audit of all funds previously made available for the rehabilitation and maintenance of the Port Harcourt Refinery and other refineries in the country and the key performance indicators therefrom.
The House will also to examine the performance bond, assurance, warrantees and guarantees put in place for operating and maintaining the Port Harcourt Refinery Plants after commissioning while asking the Federal government to grant license and provide incentives for the building and construction of Modular Refineries by interested persons.
These decisions were taken following a motion of urgent public importance sponsored by Hon. Onofiok Luke (PDP, Akwa Ibom) on the need to ensure transparency and accountability on the rehabilitation exercise of the nation’s refineries which has been moribund for several years leading to importation of refined products into the country.
Leading the debate on the motion Hon. Luke drew attention of the lawmakers to the recent approval of the Sum of $1.5 billion, about N575 billion, for immediate commencement of rehabilitation work on the 32-year-old Port Harcourt Refinery at an estimated completion period of 44 Months (approximately – 4 Years) with a three components funding from Nigerian National Petroleum Corporation (NNPC), Internally Generated Revenue (IGR), budgetary allocations provisions, and Afreximbank.
He said the Refinery which has two components of the old plant commissioned in 1965 that can process 60,000 barrels (9,500 m3) per stream day, as well as the new plant commissioned in 1989, with an installed capacity of 150,000 barrels (24,000 m3) per stream day has been dormant for several years.
The Akwa Ibom lawmaker expressed concerned that even though the NNPC had allegedly spent about $25 billion in turnaround maintenance of refineries in the past 25 years, this latest prevailing development is coming after promises by the current administration that government would no longer spend on the facility.