The African Democratic Congress (ADC) has demanded a comprehensive forensic audit of Nigeria’s state-owned refineries before any plans to privatise them, accusing successive governments of reckless spending amounting to over $20.8 billion on failed rehabilitation projects.
In a statement issued by its Interim National Publicity Secretary, Bolaji Abdullahi, the party described as “premature and suspicious” recent moves by the federal government and the Nigerian National Petroleum Company Limited (NNPCL) to sell off the refineries, especially after claims that some had partially resumed operations.
“It is deeply troubling that after spending over $18 billion under past APC administrations, and an additional $2.8 billion by the current government, there is still no measurable improvement in refining capacity. Now, this same government wants to quietly dispose of these assets. Nigerians deserve clarity: are we selling functional national assets or mere scraps?” the party queried.
The ADC accused the Bola Tinubu administration of lacking transparency in its handling of the process, warning that the sale could lead to undervaluation and the transfer of national assets to “cronies masquerading as reformers.”
The party also alleged that successive governments have used Turnaround Maintenance (TAM) as a smokescreen for corruption, describing the refineries as “a bottomless pit swallowing public funds.”
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