FG discloses how it hopes to fund the $1.5 billion rehabilitation of Port Harcourt refinery

Written by on March 22, 2021

Federal Government has said that the rehabilitation of the Port Harcourt refinery will not significantly add to the country’s debt burden.

Minister of State for Petroleum Resources, Timipre Sylva, gave the clarification  during a televised  interview yesterday.

He said about eight hundred million dollars  of the funds would be coming from appropriation, two hundred million dollars  from the internal operations of NNPC, and the rest from the African Export-Import Bank,Afreximbank.
While dousing concerns that the project would worsen the nation’s debt profile, Sylva stated that the government had no intention of borrowing all the funds needed for the rehabilitation of the refinery, which he said would be functional in eighteen  months.

He said  a subsidiary of the Nigerian National Petroleum Corporation ,NNPC, Nigerian Petroleum Development Company Ltd ,NPDC, and others would contribute the money to be used for the project.


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