Stakeholders Knock FG Over $1.5bn For P/H Refinery Repair

By JONATHAN NDA-ISAIAH and JOSEPH CHIBUEZE, Abuja

Stakeholders have raised concerns over yesterday’s approval of $1.5billion for the rehabilitation of the Port Harcourt Refinery by the federal government.

Minister of state for petroleum resources, Timipre Sylva, disclosed the approval to State House correspondents yesterday after the virtual federal executive council (FEC) meeting presided over by President Muhammadu Buhari at the presidential villa.

According to him, the rehabilitation will be done in three phases of 18, 24 and 44 months respectively.

He said the contract was awarded to an Italian company, Tecnimont spa, which parades experts in refinery maintenance.

But in a swift reaction, renowned economists, Prof Pat Utomi, said the rehabilitation amounted to a waste of resources.

He argued that there are other areas begging for government attention but certainly not the rehabilitation of an asset already earmarked for sale.

“The decision of federal government to invest $1.5billion in the repair of Port Harcourt refinery is unwise, unreasonable and has no basis,” he stated

Also speaking on the issue, director-general of the Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf, maintained that the government has no business putting more money into the Port Harcourt refinery.

He said, “What the government should have done is to sell it and be a minority shareholder. If we give that money to the Nigerian military and it is judiciously utilised, it will go a long way to address our insecurity challenge. I believe there are so many other sectors that need attention.”

Also, Dr Olanrewaju Aladeitan, a lecturer (Faculty of Law/Economics) University of Abuja faulted government’s action, saying it amounted to approbating and reprobating at the same time.

His words: “I can best describe the move as a one step forward and two, three steps backward stuff. It is becoming very difficult to…