Fidelity bank banner Bayelsa State banner
Reps order NNPC to stop $1.8bn turn-around maintenance project

By Kelvin Ebiri, Collins Olayinka and Adamu Abuh, Abuja on 23/02/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 512

The House of Representatives yesterday ordered the Nigeria National Petroleum Corporation (NNPC) to stay action on the plan to expend $1.8 billion on the turnaround maintenance (TAM) of the nation’s four refineries. The Chairman of the House adhoc committee, Mr. Garba Datti Mohammed, explained that this is to enable his committee conclude its work on the veracity of the TAM.

Mohammed who briefed reporters assured that the House is keen ‎on proffering a lasting solution to the epileptic supply of petroleum products in the country. Calling for the support of stakeholders in the petroleum industry, he disclosed that the Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has been duly informed of the House position.

Mohammed noted that it was unfortunate that Nigerians have been subjected to suffer the harrowing problems associated with fuel scarcity despite the huge monies expended on the TAM of the nation’s refineries over the years. Meanwhile, the Nigeria Labour Congress (NLC) said it would support the deregulation of the downstream sector when the existing refineries work and new ones are built.

Speaking yesterday in Abuja on the activities lined up to commemorate the 40th anniversary of the NLC, Deputy President of NLC, Peters Adeyemi, accused government of laziness and always raising petrol prices when it needs cheap money to fund projects.

Also, the Speaker of the House of Representatives, Mr. Yakubu Dogara yesterday pushed for a reduction of interest rates on loans to Nigerian entrepreneurs. At a briefing on Economic Recovery and Growth Plan (EGRP) by the Federal Government’s economic team led by the Budget and National Planning Minister, Senator Udoma Udo Udoma, at the National Assembly, he said this is to curtail the over reliance of the nation’s economy on investors from other countries.

He said it was a source of concern that the country has to source funds from foreigners to push national projects and create job opportunities is undesirable.

His words: “Granted the way the Nigerian economy is structured and organised, is it possible for people who have investible ideas to have access to funds to be able to invest, or do we continue to rely on monies flowing in from other jurisdictions to our country?’’

‘The cost of funds in Nigeria is too high. What can we do about this? Honestly speaking, if the young people who are leaving university each year will be able to access funds at single digits, some of them may not even bother about the jobs that we are talking about. They will be able to pursue ideas and dreams that they have and those dreams may lead to generation of the jobs that others are seeking.

“I have said this over and over again, what is it that we can do as a government to bring down interest rates in this country so that people can access these funds and develop the economy? I do not know where we are going to get $404 billion from, for instance, in Nigeria, I don’t know where.

“I don’t even know if we can raise $12 billion from private sector in this country, except we rely on outsiders. But the point is that we should dominate the space ourselves and the only way we can do that is to bring down interest rates. I do not know how we can escalate this discussion or in what manner we can achieve this, but it is something we cannot run away from.” (The Guardian)


Source News Express

Posted 23/02/2018 12:53:55 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
Israeli minister threatens Assad over any Iranian attacks...

Soldiers, police battle protesting Abuja Varsity students

Nigeria unleashes foreign mercenaries on Boko Haram

NiMET predicts dust haze, poor visibility throughout the...

Nigerian Army deploys 800 troops to Sudan

R-E-V-E-A-L-E-D! NN24 funds diverted to the UK

Group alleges big cover up in NIA investigation...

I wake up each day thinking of kidnapped...

Benue youths protest massacre of kinsmen

2019: INEC takes delivery of 123,848 voters cards...

Budget Ministry targeting October for 2018 Budget presentation...

Expert warns flood victims against returning home


Latest News BREAKING: Adeleke in early lead in Osun guber election •Full results of 18 LGs declared by INEC Mourning in Delta as Catholic Church loses 2 priests in quick succession Group writes UN Secretary General, requests interrogation of Buhari during visit Ex-APC chairman calls for arrest of Sylva, Lokpobiri over alleged stockpiling of arms PDP Presidential Primary: Jonathan rates Turaki high 2019: Ribadu joins Adamawa governorship race NYSC faults Adebayo Shittu, says political office not replacement for national service Osun Poll: Police impound 42 motorcycles, 3 buses ‘Less than 36,000 doctors attend to over 182 million patients in Nigeria’ Flood: Monarch weeps as town goes under water Nwaoboshi raises alarm over warrant of arrest •Fingers rival, denies allegation of looting BREAKING: Joshua knocks out Povetkin to retain world boxing heavyweight crowns


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (395,974 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,515 views) Shameless Genevieve Nnaji exposes breasts in public (308,218 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,443 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,119 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,563 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,899 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,522 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,593 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,310 views) Lagos plane crash: Journalist releases victims’ names (158,065 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,833 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,621) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (652) Global Business Monitor (301) International (2,424) Interview (165) Live Commentary (28) Love Matters (144) News (39,061) Opinion (1,110) Pidgin (11) Politics (6,698) Religion (872) Sports (1,701) Stock Watch (34) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera