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
-
Ashanti, Nelly are engaged and expecting a baby
24 mins -
New Ghana train on test run involved in accident
30 mins -
World Bank, AfDB partner to provide 300m African’s with electricity access
37 mins -
Ghana wins preliminary ruling in Cassius Mining’s $300m international arbitration
47 mins -
Ghana’s revenue-to-GDP ratio to exceed 17% within next six years, but expenditure to remain flat – IMF
53 mins -
Gborbu Wulomo didn’t marry Naa Okromo – Chieftaincy Minister
1 hour -
Oquaye Jr. says he’s undeterred by ‘propaganda’ twist to viral laundry video
1 hour -
Ghana’s debt-to-GDP ratio to tumble to 69.7% in 2029 – IMF
2 hours -
Interior Ministry imposes 4pm to 7am curfew on Sampa
2 hours -
Child marriage: Teenage girl to be released to her family – Gender Minister-designate
2 hours -
Naa Okromo is 15 years old, still a virgin and not married to Gborbu Wulomo – Government
2 hours -
GhIE condemns intervention by Ashanti Regional Minister in ECG Affairs; commends ECG GM for upholding regulatory standards
2 hours -
GPL: Asantehene tasks Asante Kotoko to do ‘better’ after crucial meeting
2 hours -
Why Sam Jonah can’t trust Ghanaian journos to cover Election 2024 professionally
2 hours -
Laryea Kingston takes over as Black Starlets head coach
3 hours