The Minority Caucus of the House of Representatives has urged the Federal Government to critically review its plan to rehabilitate the Port Harcourt refinery with $1.5bn.
The Minority Leader, Ndudi Elumelu, in a statement, had said the figure was outrageous and heavily inflated.
“This over-bloated $1.5bn cost has again brought to the fore, the prevailing unpatriotic proclivity of treasury looting and criminal diversion of public funds through inflated contracts by officials of government for their selfish interests.
“It’s completely unexplainable that the sum of $1.5bn, belonging to Nigerians, is to be funnelled towards the rehabilitation of a non-profitable refinery, which has already been slated to be handed over to private hands,” he said.
The Federal Government during FEC meeting on March 17 approved the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery, which is the largest refining company in the country.
Disclosing this at the end of the Federal Executive Council, FEC, the Minister of State for Petroleum Resources, Timipre Sylva, said the rehabilitation which would be in three phases would commence immediately and would be handled by an Italian firm, Tecnimont SPA.
He explained that the first phase would be completed in 18 months, the second phase in 24 months and the final phase would be within 44 months.