The Senate’s recent investigation into the staggering N11.3 trillion spent on the nation’s dormant refineries for Turn Around Maintenance (TAM) has been met with skepticism.
Experts and stakeholders believe this investigation, like its predecessors, may not yield any tangible results.
The Senate disclosed that a whopping N11.35 trillion was expended on TAM, with an additional N1.6 trillion loss on the assets managed by the Nigerian National Petroleum Company Limited.
Despite these colossal sums, Nigeria continues to spend billions importing white products, further straining an already fragile economy.
Many believe that this investigation is merely a façade.
Previous legislative attempts to probe similar matters have often ended inconclusively, with some alleging that lawmakers benefit from the very issues they claim to investigate.
Past Probes and Their Outcomes
In 2020, a motion led by Senator Yusuf Yusuf prompted the Senate to probe the NNPC over the $396m spent on TAM between 2013 and 2015. Despite the investigation, the results never saw the light of day. Such outcomes have led many to believe that these probes are merely avenues for lawmakers to benefit from the nation’s oil wealth.
Renowned energy economist, Ademola Adigun, labeled the investigation a “waste of time,” suggesting that the refineries should have been sold years ago.
Similarly, Emeka Okwuosa, an oil and gas lawyer, called the investigation an “effort in futility,” emphasizing that some of these wastages occurred under the watch of current lawmakers.
What is the Senate investigating?
The Senate is probing the N11.3 trillion spent on Turn Around Maintenance (TAM) for the nation’s refineries.
Why are stakeholders skeptical about the investigation?
Past probes into similar matters have often ended inconclusively, leading to doubts about the Senate’s genuine intentions.
What have been the outcomes of previous probes?
Previous investigations, like the one in 2020 regarding the $396m spent on TAM, have not yielded any public results.
What do experts suggest regarding the refineries?
Some experts believe the refineries should have been sold long ago, while others think the focus should be on proactive oversight before funds are appropriated.
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