Nigeria Has Spent 13 Trillion Naira Importing Fuel Since 2013
The House of Representatives on Monday rejected the submission of the Nigerian National Petroleum Corporation on the fresh bid to carry out a turnaround maintenance on the country’s four refineries.
Nigeria has at least four refineries which are supposed to produce petroleum products to meet domestic consumption needs. But between 2013 and 2017, Nigeria spent $36.3 billion, about 13.06 trillion naira importing petroleum products.
This figure was disclosed by the Central Bank of Nigeria, CBN who also noted that Nigeria spent a total of $119.4 billion, about 43 trillion naira on imports.
The apex bank made the submission to an ad hoc committee of the House, which is investigating the planned Turn Around Maintenance, TAM of Nigeria’s refineries.
After the CBN disclosed this figure, the committee rejected the Nigeria National Petroleum Corporation, NNPC’s TAM bid on the grounds that it was sketchy and did not answer the questions it sought answers to.
The committee, which is chaired by a member of the All Progressives Congress, APC from Kaduna State, Mr. Garba Datti-Muhammad, started a public hearing on the controversial TAM in Abuja on Monday.
Apparently, a budget of $1.8 billion is already set aside for the TAM but the committee demanded detailed information on the spending on the four refineries, particularly on all previous TAM and other repairs, as a basis to justify the fresh $1.8 billion plan.
It gave the NNPC 24 hours to provide the information.
Also Watch: Over The Bottles With Willy And Friends