The House of Representatives will reassess the N11.3 trillion spent by the Federal Government on Nigeria’s refineries from 2010 to 2020.
Rep. Bamidele Salam, Chairman of the House Committee on Public Accounts, spoke with newsmen in Abuja on Thursday. According to him, the house plans to address the increasing cost of petroleum products due to the removal of fuel subsidies. Salam highlighted the concern about Nigeria’s rundown refineries despite significant financial investment in their improvement over the past decade.
He said the era of wasting public funds on useless projects without consequences would end soon. Salam also mentioned that the committee would thoroughly examine the government accounts and those of the MDAs to uncover wastage, inefficiency, and corruption in the public sector.
President Bola Tinubu’s administration is expected to reposition the Nigerian economy by fixing critical infrastructure like power, roads, and rail transportation. However, success depends on value for money on public contracts and government agency adherence to laws and regulations.
Many dilapidated public infrastructure projects were abandoned after full payment. Increased public revenue can only be achieved if the government blocks waste and strengthens audit institutions.
The chairman appeals to Tinubu to appoint a substantive Auditor General for the Federation, as the non-appointment negatively impacted Nigeria’s public finance and accountability ratings.
