On June 13, 2017, the Minister of State for Petroleum announced that the FG would invite the original builders to revamp the refineries.
Kachikwu said there was a consensus within the government circles that the original refineries builders (ORBs), which are Saipem for Warri; JGC for Port Harcourt; and Chiyoda for Kaduna, should be invited to undertake the repairs as a result of their better knowledge of the refineries.
Collectively, the refineries which were built in the 1980s to have a refining capacity of 445,000 barrels per day, with which the government regularly allocates this volume of crude oil to the NNPC for domestic refining.
This was a laudable projects but some cabal who are benefiting from the system never wanted the refineries to work. The cabal who were benefiting from the importation of refined fuel were not comfortable with it and planned to thwart the idea.
This was successful executed to the fact that from June 13, 2017 till date being 9th April 2019; original builders were never invited for discussion.
It is pertinent to note that 2017 budget was N7.4 Trillion and FG spent N5.4 Trillion to import refined fuel in a country that has the best crude oil oil in the world.
Recently, Debt Management Office (DMO) made us understand that the Nigeria’s debt profile has increased from N6 trillion in 2015 when APC Government came to power to N24 Trillion in 2019.
The DMO threw more light of government’s intention to borrow additional N1.7 Trillion in 2019.
I have said it on many occasion that Nigeria would continue to borrow until we stopped importation of refined fuel.