“We dare say that at this moment, indigenous people of the Niger Delta region are more than capable of managing and running the refineries optimally and as such no external back-up, investor or financier is required or necessary. We are of the firm view that in the pursuit of peace and sustainable development of the Niger Delta these refineries should be given to our people to finance and run.”
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Experts have said that the government should revoke taxes, incentives and waivers already granted to companies and the revenue be used to achieve economic recovery.
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“Government cannot do business. Government’s business is to create the enabling environment for business. And then government would put some investment into it. Government should not be in the business of setting up refineries all over the place; that is just a waste of time and resources.”
he journey for the Petroleum Industry Bill, has not been a smooth one in the House of Representatives, as it had suffered some turbulent trips through the sixth and seventh Assembly.
He said, “The Senate notes that the protracted power shortages in the northern part of the country have led to the shutdown of the industrial sector in the region. It also notes that lack of gas pipelines from the southern part to the northern part of the country has hindered power generation by the 215MW Kaduna power plant.”
“The foreign exchange requirement for importation of petroleum products is estimated at $28bn (N3.35tn) annually, with 40 per cent of the total amount (N1.34tn) dedicated to financing the logistics of importation,” Kachikwu said.
The member representing Ajaokuta federal constituency said in the last two years, he had raised motions on the need to avoid the sale of the steel company, adding that he had also presented a motion on the need for the federal government to renegotiate the completion of the steel company with its original builders.
