The Senate has expressed concern over the $1.5 billion approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery, with little to show for it. Sen. Opeyemi Bamidele, chairman of the Senate Ad Hoc Committee to Investigate the Alleged Economic Sabotage in the Nigerian Petroleum Industry, raised the concern during an interactive session with stakeholders on Wednesday in Abuja.
Bamidele noted that despite billions of dollars spent on turn-around maintenance, government-owned refineries in Kaduna, Port Harcourt, and Warri are not functioning. He described the situation as unfair and unpatriotic, especially when private businesses are flourishing and thriving.
“The federation is undergoing a truly challenging period. The distribution and supply of refined petroleum products have been irregular and problematic in the recent history of our fatherland. The long queues at filling stations are a testament to this challenge,” Bamidele said.
He also expressed concern about the importation of hazardous petroleum products and the dumping of substandard diesel into the country. “A situation whereby we now depend almost entirely on the importation of these products even when we daily supply the global oil market about two percent of its crude oil requirements is worrisome,” he added.
Mele Kyari, group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), refuted claims of sabotaging domestic refineries, stating that the company has grown from a loss-making entity to a profit-making one. “All of us here see what is happening in the media. I targeted personal attacks on my person and on the institution. And we all know how this works. They are deliberate, they are calculated. That creates the impression that NNPCL and our leadership are doing anything to create economic sabotage in our country. It is far from it,” Kyari said.
Heineken Lokpobiri, minister of state for petroleum resources, urged the Senate to televise the proceedings of the committee live to ensure transparency and justice. “This Senate should do Nigerians a favor by televising the proceedings of this committee live. This will do a whole lot of justice not only to the Senate but us in the executive and key leaders in the sector,” Lokpobiri said.
Aliyu Suleiman, chief strategy officer of Dangote Industry Ltd., reported that the Dangote Refinery started full production in March and has processed 50 million barrels of crude, producing five million tons of petroleum products. “Since then, we have processed about 50 million barrels of crude. We have produced about five million tons of petroleum products, and these petroleum products have been sold in various parts of the country,” Suleiman said.
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Wale Edun, minister of finance and coordinating minister of the economy, stated that increased crude oil production would stabilize the country’s foreign exchange market. “The increase in crude oil production will stabilize the country’s foreign exchange market,” Edun said.
The Senate’s investigative hearing aims to address concerns about the oil sector, including the importation of hazardous petroleum products and the dumping of substandard diesel. The committee is also investigating alleged economic sabotage in the Nigerian petroleum industry.
