The Senate has finally endorsed the private-public partnership (PPP) for the repair of the country’s four refineries, The Nation reports.
The lawmakers through the Joint Upstream and Downstream Senate Committee kicked against the government initiative, given that the contract given to Eni/Agip and Oando to repair Port Harcourt Refinery did not follow due process. The Upper Legislature had suspended a contract awarded to Eni/Agip and Oando Plc to rehabilitate the Port Harcourt Refinery, claiming that it did not follow due process; the Senate then constituted an ad hoc committee to probe the deal.
At the hearing with stakeholders, the panel endorsed the arrangement. Its Chairman, Senator Abubakar Kyari, said: “We’ve heard extensive summations from all parties involved regarding this concession process. Inevitably, partnerships between the public and private sectors are necessary to provide the required funding to rehabilitate our nation’s refineries.”
“We are committed to due process, and in seeking to achieve these goals, sound principles of corporate governance and extant laws must be adhered to, for the greater good of the Nigerian people. Indeed we will come up with recommendations aimed at improving transparency in the oil sub-sector of the economy and at the same time encourage investors,” he added.