The House of Representatives Ad Hoc Committee on the State of Refineries in the Country has said the Federal Government spent a total sum of over N11 trillion on rehabilitating refineries from 2010 to date.
Chairman of the committee, Ganiyu Johnson, however, failed to convince the Deputy Speaker, Ahmed Wase, who chaired the Committee of the Whole, to consider the report.
Wase dismissed the recommendations by the committee as failing to address the main issues for which the panel was set up as well as not being far-reaching enough to change the current situation of things.
In the report, a copy of which our correspondent obtained, the committee gave a breakdown of the actual cost of rehabilitating the Nigerian refineries between 2010 and 2020, and from 2020 to date.
According to the panel, the total cost of rehabilitation within the period is N11,349,583,186,313.40 while the additional costs in other currencies are $592,976,050, €4,877,068.47, and £3,455,656.93.
Giving a breakdown of the figures, the committee said while the cost of rehabilitation projects was ₦42,646,596,313.40, the deduction from Federation Account for rehabilitation was N191,670,000,000, and the losses by the refineries over a given period at N366,524,140,000.
While subsidy payments from 2010 to 2020 were ₦5,948,140,000,000, the total cost of running the refineries was ₦4,800,602,450,000.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
Watch, leave your comments, and share to create more awareness on this issue.
#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com