A professor of Political Economics, Pat Utomi, has faulted the Federal government’s plan to spend $1.5 billion to refurbish the Port Harcourt refinery, describing the decision as illogical and unintelligent.
Utomi said it would be better to sell the facility to investors who can profitably manage it than to keep sinking funds into refineries “that don’t refine.”
“For years, we have been going through this challenge of refurbishing the refinery; turnaround maintenance. We give contracts to market women, to all kinds of people.
“Politics is the undoing of Nigeria. We give contracts to all kinds of characters to maintain refineries. We have refineries that don’t refine and we spend billions paying people who work there.
“I have no doubt whatsoever in my mind that spending $1.5 billion – whether it is being done by the most reputable people in the world – is not logical, not sensible, not intelligent,” he said.
Former Vice President Atiku Abubakar and Atedo Peterside had also questioned the logic behind the government’s decision to spend that much money refurbishing the refinery.