The Minority Caucus in the House of Representatives has described a move to spend $1.5 billion for rehabilitation of the Port Harcourt Refinery as outrageous and heavily inflated.
The Ndudi Elumelu-led caucus, which demanded immediate review of the cost, and asked the presidency to halt approval of the proposed expenditure.
According to a statement released by the House caucus, “a huge scam and a ploy by unscrupulous elements to hide under the guise of rehabilitation of the refinery to siphon public funds.” The project can be transparently executed at an amount, far less than the approved over-bloated cost.”
Spending $1.5b on a non-profitable refinery which will in turn be handed over to private hands, according to the Reps is unexplainable.
“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 organisations that have shown manifest interest in establishing refineries in our country, as a sure step to meet our national energy need”.