Opposition swells over $1.5b refinery rehabilitation, N120b monthly subsidyNigeria — The Guardian Nigeria News – Nigeria and World News


Refinery. Photo: OILANDGAS

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The debate over Federal Government’s proposed $1.5 billion to be spent on rehabilitating the 210,000-barrel per day (bpd) Port Harcourt refinery intensified yesterday as more opposition voices registered their concerns.

Renowned economist and founder of Stanbic IBTC Bank Plc, Atedo Peterside, who had earlier asked the government to subject the plan to a national debate, said NNPC would only “enmesh Nigeria into a deeper financial mess by throwing $1.5 billion (including debt) at a problem it created.”

Peterside lamented that while the Port Harcourt refinery contributed zero revenue in 2019, it incurred N47 billion; almost N4 billion a month, the reason he is recommending an end to the ‘nightmare’ through a Bureau of…

Source: Guardian Newspaper