$1.5bn gone, still no petrol: Former Vice President slams refinery revival

Former Vice President of Nigeria and 2023 PDP presidential candidate, Alhaji Abubakar Atiku, has warned that billions of naira spent on reviving the Port Harcourt Refinery have been a waste of scarce resources.

Speaking on the state of Nigeria’s refineries, Atiku said the recent Nigerian National Petroleum Company (NNPC) admission that reopening the facility was economically indefensible validates his long-held position: the country’s refineries should be privatised.

“The Tinubu administration has finally come to terms with an inevitable truth: pouring public funds into moribund refineries is economically indefensible. Paying billions in salaries to facilities that produce not a single litre of petrol does not serve the national interest,” he stated.

For years, Waziri Adamawa has consistently advocated for the privatisation of the nation’s refineries, despite facing criticism and accusations of attempting to sell public assets to “friends.” Today, he argued, the facts speak for themselves.

“Decades of so-called turnaround maintenance have swallowed billions of dollars with nothing to show for it. This exposes deep deficits in capacity, technical know-how, and financial discipline. The latest push to revive these refineries was driven by political pressure, not economic sense,” Atiku said.

He urged that any proposed refinery deal, including with foreign partners, be discontinued, noting that repeating failed models will only waste more public resources.

According to him, Nigeria would have been better served by selling the refineries pre-rehabilitation to avoid ballooning debt and the steady depreciation of what have effectively become liabilities.

“Privatisation is not merely an option — it is a necessity. It offers a path to attract investment, modernise operations, and finally deliver fuel security to Nigerians.

Continuing to pour money into non-performing refineries is a disservice to taxpayers, the economy, and the nation’s future,” Atiku stressed.