BREAKING!!!! President Buhari Succumbs To Wike’s Pressure, Approves $1.5billion For Rehabilitation Port Harcourt Refinery
Weetalknaija.com.ng can authoritavely report that President Muhammadu Buhari has approved $1.5billion for the rehabilitation of the Port Harcourt Refinery.
The Federal Executive Council approved the Ministry of Petroleum Resources’ proposal to rehabilitate the Port Harcourt Refinery with $1.5 billion on Wednesday.
According to weetalknaija.com.ng, the decision was made at the council’s weekly meeting, which was presided over by President Muhammadu Buhari.
“The Ministry of Petroleum Resources submitted a memo on the renovation of the Port Harcourt refinery for the amount of $1.5 billion, and that memo was $1.5 billion, and it was approved by council today,” Timipre Sylva, Minister of State for Petroleum Resources, told State House correspondents after the meeting at the Presidential Villa in Abuja.
As a result, we are pleased to announce that the refinery will be rehabilitated in three stages. The first step, which will take 18 months to complete, will bring the refinery up to 90 percent of its nameplate size.
The second phase will take 24 months to complete, and the final stage will take 44 months to complete, with consultations accepted.
And this, I believe, is good news for Nigeria.”
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