Why Wike, Nigerians are not elated over news that $1.5b will be spent over Port Harcourt refinery

The Federal Executive Council (FEC) has approved $1.5 billion for the rehabilitation of the Port Harcourt refinery; but for Governor Nyesom Wike, like many Nigerians, it is not a piece of news to be excited or joyful over.

Wike told Channels Television it is not the first time the Federal Government is making promises, many of which he says are yet to see the light of day.

“We have had a lot of promises, we have had a lot of talks and nothing has materialized,” Wike stated.

Mike’s wet blanket comment is understandable, because with huge refineries in Kaduna, Warri, and Port Harcourt, and billions spent over the years on Turn-Around Maintenances (TAMs), the country still continues to import its fuel at exorbitant figures. While fuel prices inch upwards, and a planned total deregulation of the prices by year’s end, it is not a titillating news to many.

Wike said the news was nothing to make anyone jubilate. According to him, promises of this nature are only pointers to the fact that elections are around the corner.

“We have heard these promises and nothing has happened,” Wike stated.

He further opined that “If the refinery is going to work, it will improve a lot of economic activities, there will be employment for the people of the state. We will be happy but I am saying that we have had these promises and promises and nothing has happened. So, I don’t want to begin to say hallelujah. Let us wait and see what will happen based on the approval and the statement made by the minister of state, petroleum. We will hold him accountable for it.

“We know, even before the (APC) government came into being, they have promised a lot of things and later they come up to say because of these challenges and that, they are not able to fulfill them.

“We are going into 2023, so many promises will be made, so many approvals will be made.”

The governor said rather than jump in excitement regarding the approval by the Federal Executive Council, Nigerians must wait and see how the government acts on the rehabilitation exercise as promised.

The Minister of State for Petroleum, Timipre Sylva, told reporters after the FEC meeting “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of 1.5 billion, and that memo was $1.5 billion and it was approved by council today.

“So we are happy to announce that the rehabilitation of productivity refinery will commence in three phases. The first phase is to be completed in 18 months, which will take the refinery to a production of 90 percent of its nameplate capacity.

“The second phase is to be completed in 24 months and all the final stage will be completed in 44 months and consultations are approved.

“And I believe that this is good news for Nigeria.”

“Talking about operations and maintenance, that has been a big problem for our refineries and that was also exhaustively discussed in council and the agreement is that we are going to appoint a professional operations and maintenance and operations company to manage the refinery when it is finally rehabilitated,” he said.

“It is actually one of the conditions presented by the lenders, because the lenders said they can give us the money if we have a professional operations and maintenance company and that already is embedded in our discussions with the lenders. We’re not going back on that.”