By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: $1.5 Billion To Renovate Port Harcourt Refinery Is Suspicious At The Least – Atiku
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | $1.5 Billion To Renovate Port Harcourt Refinery Is Suspicious At The Least – Atiku

News

$1.5 Billion To Renovate Port Harcourt Refinery Is Suspicious At The Least – Atiku

Daily Report Nigeria
Daily Report Nigeria
Published: June 14, 2025
Last updated: June 14, 2025
3 Min Read
Share
$1.5 Billion To Renovate Port Harcourt Refinery Is Suspicious At The Least – Atiku | Daily Report Nigeria
SHARE

Former Vice President, Atiku Abubakar has queried the plan by the federal government to spend 1.5 billion dollars for the rehabilitation of the Port Harcourt refinery.

Atiku opines that the best course of action will be to privatize the refineries for more effective and efficient management.

Also read Declare State of Emergency on Education, Atiku Tells FG

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Read his full statement below.

That Nigeria’s economy is in dire straits is a fact well-known both to the nation and to our international partners. Unemployment has just reached an all-time high of 33%, while inflation has hit another record high of 17%.

At this critical period, we must as a nation be prudent with the use of whatever revenue we are able to generate, and even if we must borrow, we must do so with the utmost responsibility and discipline.

To therefore budget the sum of $1.5 billion to renovate or turn around the Port Harcourt Refinery would appear to be an unwise use of scarce funds at this critical juncture for a multiplicity of reasons.

First of all, our refineries have been loss-making for multiple years, and indeed, it is questionable wisdom to throw good money after bad. At other times, I have counselled that the best course of action would be to privatize our refineries, so they can be run more effectively and efficiently.

Moreover, the cost appears prohibitive. Too prohibitive, especially as Shell Petroleum Development Company last year sold its Martinez Refinery in California, USA, which is of a similar size as the Port Harcourt refinery, for $1.2 billion. We must bear in mind that the Shell Martinez Refinery is more profitable than the Port Harcourt Refinery.

Given this discrepancy, might we ask if there was a public tender before this cost was announced? Was due diligence performed? Because we are certainly not getting value for money. Not by a long stretch.

We cannot as a nation expect to make economic progress if we continue to fund inefficiency, and we are going too deep into the debt trap for unnecessarily overpriced projects.

Our national debt has grown from ₦12 trillion in 2015 to ₦32.9 trillion today. Surely that is shocking enough to cause us to be more prudent in the way we commit future generations into the bondage of bonds and debt.

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:Atiku Abubakar
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

LASU Suspends Exams, Orders Students to Vacate Hostels as Strike Crisis Escalates | Daily Report Nigeria
LASU Suspends Exams, Orders Students to Vacate Hostels as Strike Crisis Escalates
News
Super Falcons Captain Rasheedat Ajibade Presents WAFCON Medal To Pastor Olukoya, Wife (Photos) | Daily Report Nigeria
Super Falcons Captain Rasheedat Ajibade Presents WAFCON Medal To Pastor Olukoya, Wife (Photos)
News
How EFCC chair, DSS DG forced NNPCL GCEO, Ojulari to sign resignation letter – Report | Daily Report Nigeria
How EFCC chair, DSS DG forced NNPCL GCEO, Ojulari to sign resignation letter – Report
Business
Chelsea Seal Jorrel Hato Signing on Seven-Year Deal from Ajax | Daily Report Nigeria
Chelsea Seal Jorrel Hato Signing on Seven-Year Deal from Ajax
Sports
BBNaija 10/10: Housemates Suffer First Wager Loss After Underwhelming Task | Daily Report Nigeria
BBNaija 10/10: Housemates Suffer First Wager Loss After Underwhelming Task
Entertainment

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

APC Demands Arrest Of Dino Melaye, Dele Momodu, Pastor Enenche | Daily Report Nigeria
News

APC Demands Arrest Of Dino Melaye, Dele Momodu, Pastor Enenche

June 15, 2025
PDP Primary: Clark Tells PDP National Chairman, Iyorchia Ayu to Resign | Daily Report Nigeria
News

PDP Primary: Clark Tells PDP National Chairman, Iyorchia Ayu to Resign

June 15, 2025
Ranching: Southern Governors Must Act Quickly to Save The Country | Daily Report Nigeria
News

Ranching: Southern Governors Must Act Quickly to Save The Country

June 13, 2025
Landlords Housing Yahoo Boys Face 15-Year Jail Term - EFCC
News

Landlords Housing Yahoo Boys Face 15-Year Jail Term – EFCC

June 15, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?