2026-01-02 06:00:00
Punch reports petroleum marketers are urging the federal government to open a forensic investigation into about ₦11.35 trillion reportedly spent on rehabilitation of Nigeria’s state-owned refineries, arguing that the scale of spending demands public accounting.
The call focuses on transparency: who approved what, which contracts were awarded, how funds were drawn, and what deliverables were actually achieved across Port Harcourt, Warri and Kaduna facilities.
Marketers warn that continued opacity undermines public trust and makes future turnaround plans harder to finance credibly—especially as Nigeria still leans on imports and faces pricing volatility.
Leadership reports marketers “seek investigation into ₦11.36trn spent on refineries,” calling for transparent tracking of borrowed and spent funds. A BusinessDay analysis notes the long-running nature of the claim and says Nigeria’s legislature previously alleged “N11.35 trillion… spent on the rehabilitation of the refineries” with little to show.
Echotitbits take: This isn’t just a numbers fight—it’s about credibility for Nigeria’s energy transition and downstream pricing. If an audit happens, watch for contract disclosures, recovery actions, and whether future refinery policy leans more decisively toward privatisation or performance-based concessions.
Source: The Punch — January 2, 2026 (https://punchng.com/probe-n11-35tn-spent-on-refineries-marketers-tell-fg/)
The Punch 2026-01-02
Photo Credit: The Punch
