Nigeria's parliament has called for a forensic audit after its report found that over the last decade, $25 billion (£20bn) had been spent on trying to fix the country's dilapidated oil refineries.
Despite the enormous cost, it found they were working at less than 30% capacity.
This news comes as the price of fuel has more than doubled in Nigeria after the new president, Bola Tinubu, announced the scrapping of a fuel subsidy.
Due to the lack of refinery capacity, Africa's biggest oil producer has for many years exported its crude oil and re-imported petroleum products.
Next month, a vast refinery built by the prominent businessman, Aliko Dangote, is meant to start production.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Don’t short-change labour under the guise of global economic recession – ICU-Ghana to government
4 mins -
We must guard against employers who want to short change us – ICU tells members
16 mins -
Dreams FC proved Ghanaian clubs can win CAF inter-club trophies – Ameenu Shardow
28 mins -
Naana Jane’s renomination shows NDC’s commitment to gender inclusivity – Kwabena Duffuor
39 mins -
Jordan Ayew and Jeffrey Schlupp up for Crystal Palace Goal of the Season award
50 mins -
Deputy Director of Health Services calls for stakeholder support to ensure child health and vaccination success
1 hour -
Kwame Sowu: The Perils of Posting Before Thinking: A call to re-evaluate our Social Media Habits
1 hour -
Unfortunate ‘dumsor’ era won’t return under my presidency – Akufo-Addo to Ghanaians
2 hours -
Medeama’s TnA Stadium nears commissioning after latest update
2 hours -
Fighting Malaria: Volta Region achieves 98% target in treated net distribution
2 hours -
You have a special role in shaping our elections – Akufo-Addo to Ghanaian workers
3 hours -
ECG staff walkout during Ashanti Regional Minister’s speech at May Day event
3 hours -
Seventy percent of SMEs productivity lost to power crises in Central Region
3 hours -
We commend Bawumia for waking others up to come home and develop – Savannah NPP chair
3 hours -
SML-GRA contract – Legal Practitioner counters KPMG findings on parliamentary ratification
3 hours