Barely two weeks after his exit, the records of former President Muhammadu Buhari, have come to to the fore with one of them indicating a damning verdict, as he was said to have sunk a whopping $19billion in trying to rehabilitate the nation’s four refineries, without anything to show for it.
Abdullahi Sule, Governor of Nassarawa State, who used the former President abysmal failure to make a case for supporting the removal on petroleum products, compared the huge wastage to the amount Dangote refinery, cost to give Nigeria a facility with the single chain production in the world.
None of Nigeria’s four refineries, located in Kaduna, Port Harcourt, and Warri is currently operational despite the huge amount sunk to resuscitate them, most of the funds borrowed from foreign lending agencies, the latest being the securing of $1.5million loan for that of Port Harcourt.
Bemoaning the situation, the governor, said: “Look at how much the President Buhari administration spent on fixing the refineries. In the eight years, he spent more money than the $19 billion that Dangote spent in building a refinery. That is one and a half times the size of our three refineries combined.”
A guest on Sunrise Daily, a breakfast programm of Channels Television on Thursday, Sule, pinned the payments of subsidy on Nigeria’s non-functional refineries, adding: “From the government side, I think we didn’t do a good job. When the (former) President (Buhari) came in in 2015, prices of crude oil dropped by less than 30 dollars. At that time, there was zero subsidy.
“Our three refineries in Nigeria today have a total of 450,000 barrels per day, Dangote is 650,000. He spent $19 billion on building it. We spent, not building a new one, but in maintaining these refineries; more than $19 billion in eight years, yet they have not been maintained.”
The Dangote Refinery, Africa’s biggest oil refinery, which took off in 2017, drew Nigerians and global personalities in different fields of life, including four African Presidents at its commissioning on May 22, 2023 by Buhari.
Sule, who also lamented the complexity of maintaining the refineries due to their diverse components, added: “The refinery is actually a component for water, crude, and diesel, about five or six different components that constitute a refinery. The moment the government says we are going to spend $2 billion this year on the refinery. The $2 billion is spent and as far as the President is concerned, they have given $2 billion.
“Now when it goes to the three refineries that we have in Port Harcourt, Warri, and Kaduna. Then they say, you now take $700 million, you now take $800 million – by the time they take that, it goes to fix maybe only one component out of the four components that are all bad. The ideal resolve would have been to allocate the major funds to one of the refining states to fix it totally before allocating the remainder to the other states.
“So, zero work is done. These are the true realities of what is happening, and that is why none of the refineries is working. These are truly the problem, we have not really managed this thing well.”