House of Reps to probe funds for rehabilitation, maintenance of refineries.
The house of Representatives is set to carry of a comprehensive audit of all the funds previously made available for the rehabilitation and maintenance of Port-Harcourt Refinery and other refineries in Nigeria and the key performance indicators.
The house of Representatives is also going to examine the performance bond, assurance, warrantees and guarantees put in place for operation and maintenance of the Port-Harcourt refinery plats after commissioning while asking the Federal Government to grant license and provide incentives for the building and construction of modular refineries by interested persons.
This is a motion or urgent public importance sponsored by Hon. Onofiok Luke (PDP, Akwa-Ibom) on the need accountability and transparency.
Leading the debate on the motion, Hon. Onofiok Luke drew attention of the lawmakers to the recent approval of the sum of $1.5 billion, about N575 Billion, for the immediate commencement of rehabilitation work on the 32 year old Port Harcourt Refinery at estimated completion period of 44 months, approximately 4 years with a three component funding from Nigerian National Petroleum Corporation (NNPC), Internally Generated Revenue (IGR) Budgetary Allocations Provisions (GAP) and Afrexim bank.