Reps Minority Caucus says $1.5bn for rehabilitation of Port Harcourt Refinery outrageous, inflated

The Minority Caucus in the House of Representatives has rejected the $1.5 billion for the rehabilitation of the Port Harcourt refinery, describing the figure as outrageous and heavily inflated.

In a statement made available to newsmen in Abuja by the Minority Leader, Hon Ndudi Elemelu (PDP-Delta), the decision was taken after a thorough evaluation of the funds allocated for the project. The caucus, therefore, demanded an immediate review of the cost.

The caucus pointed out that a critical cost analysis indicated “a huge scam and a ploy by unscrupulous elements to hide under the guise of rehabilitation of the refinery to siphon public funds,” adding that the project could be “transparently executed at an amount far less than the approved over-bloated cost.”

The caucus while stating that it was in support of any genuine effort to bridge the energy deficit in Nigeria, declared that such should not be used as a ploy by corrupt individuals to fleece the nation.

According to the caucus, “this over-bloated $1.5 billion 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 is completely unexplainable that the sum of $1.5 billion, 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.

“As lawmakers, we firmly reject this attempt to use the refineries to further defraud our nation. In that regard, our caucus demands an immediate review of the project on a transparent and competitive cost template, while the billions of naira that would be recovered from the surplus, should be directed towards other areas of our national energy need.

“Furthermore the minority caucus calls for immediate decisive steps towards providing required incentives to private organizations who have shown manifest interest in establishing refineries in our country, as a sure step to meet our national energy need.”

The lawmakers urged the FG not to release any funds related to the inflated rehabilitation costs until after the review.

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