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$1.5bn To Revamp PH Refinery Prohibitive, Suspicious, Atiku Alerts
The former Vice President, Alhaji Atiku Abubakar, has said for the Federal Government to budget $1.5billion to revamp or turnaround the Port Harcourt Refinery would appear to be an unwise use of scarce funds, particularly at this critical juncture for a multiplicity of reasons.
This is as he stressed that the cost appears too prohibitive, especially at the backdrop of the fact that Shell Petroleum Development Company’s parent company, last year, sold its Martinez Refinery in California, USA, which is of a similar size as the Port Harcourt Refinery, for $1.2billion.
Atiku, in a statement he personally signed, yesterday, said that given this discrepancy, it was important to ask if there was a public tender before the cost was announced.
He said, “Was due diligence performed? Because we are certainly not getting value for money. Not by a long stretch.
Akitu, therefore, advised that we must bear in mind that the Shell Martinez Refinery was more profitable than the Port Harcourt Refinery.
The former Vice President further said, “First of all, our refineries have been loss-making for multiple years, and indeed, it is questionable wisdom to throw good money after bad.
“At other times, I have counselled that the best course of action would be to privatise our refineries, so, they can be run more effectively and efficiently.
“At this critical period, we must, as a nation, be prudent with the use of whatever revenue we are able to generate, and even if we must borrow, we must do so with the utmost responsibility and discipline,” Atiku said.
He also said that it is a well-known fact both to the nation and our international partners that Nigeria’s economy is in dire straits just as unemployment has just reached an all time high of 33%, while inflation has hit another record high of 17%.
In his words, “We cannot, as a nation, expect to make economic progress if we continue to fund inefficiency, and we are going too deep into the debt trap for unnecessarily overpriced projects.
“Our national debt has grown from N 12trillion in 2015 to N32.9trillion today. Surely, that is shocking enough to cause us to be more prudent in the way we commit future generations into the bondage of bonds and debt,” he stressed.
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
