Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN) has advised the Federal Government to use the 1.5 billion dollars earmarked for the rehabilitation of Port-Harcourt refinery appropriately in order to achieve the desire result.
Nzekwe made the advice in Ota, Ogun where he said that the advice had become necessary as most of the funds allocated in the past years by government for repairs and maintenance of the nation’s refineries had not achieved the desired result.
The Federal Executive Council (FEC) on Wednesday approved 1.5 billion dollars for the rehabilitation of Port-Harcourt refinery.
He said that the advice had become necessary as most of the funds allocated in the past years by government for repairs and maintenance of the nation’s refineries had not achieved the desired result.
Nzekwe added that this development had forced the Federal Government to export crude oil and bring in the refined products due to the inability of the country ‘s refineries to produce at the optimal level.
“The Federal Government should watch closely and work assiduously to ensure that the money earmarked were judiciously spent to achieve the optimal production of Port-Harcourt refinery,” he said.
Nzekwe urged the government to redouble efforts towards ensuring that all refineries were working at the optimal level so as to meet domestic needs and drastically reduce the price of petrol in the country.
He was optimistic that the ability of the government to repair the country’s refineries would generate job opportunities for the unemployed youths and reduce pressure on the currency.
He stressed need for government not to allow the funds to end up in individual pockets because anything that affected the petroleum, affected the whole economy.