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No Need For Nigerians To Worry About Port Harcourt Refinery Loan – Minister

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The Federal Government said that the rehabilitation of the Port Harcourt refinery in Rivers State will not significantly add to the nations burden.

The Minister of State for Petroleum Resources, Timipre Sylva said this in an interview with Channels Televisions titled Politics monitored by our reporter in Maiduguri.

Minister also stated that Federal appropriation will put in about $800 million and it is already broken down into three parts.

A total of $1.5 billion has been proposed by the government to fund the project a decision that has sparked controversy and debates in various parts of the country.

He stated that the government does not intend to borrow all the funds to rehabilitate the refinery which he said would be functional in 18 months.

Sylva disclosed that a subsidiary of the Nigerian National Petroleum Corporation Nigerian Petroleum Development Company Ltd and others would contribute the money to be used for the project.

The minister gave an assurance that there was no need for Nigerians to worry about how the loan to be secured would be repaid.

He explained that going by the way the project was structured, the operations of the refinery would pay back the funds to be used.

Sylva insisted that the rehabilitation of the refinery would not really be a debt that would add to the general debt burden of the country.

According to him, a commercial discussion between the NNPC and Afreximbank on how the money will be paid from the operations of the refinery is ongoing.

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