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FEC approves $1.5bn for rehabilitation of Port Harcourt Refinery – Timipre Sylva says this is good news for Nigeria; as action intensifies on Lagos-Ibadan expressway project

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The Federal Executive Council (FEC) has approved the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery in Rivers state. The approval came on Wednesday March 17, at the 38th virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.

Minister of State for Petroleum Resources, Timipre Sylva confirmed this while addressing State House correspondents at the end of the meeting at the Presidential Villa, Abuja. Sylva said; “the ministry of petroleum resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, and that memo was $1.5 billion and it was approved by council today.

“So, we are happy to announce that the rehabilitation of the refinery will commence in three phases. The first phase is to be completed in 18 months, which will take the refinery to a production of 90 percent of its nameplate capacity. “The second phase is to be completed in 24 months and all the final stage “the second phase is to be completed in 24 months and all the final stage will be completed in 44 months and consultations are approved: “and I believe that this is good news for Nigeria.”

FG tackling challenges of relocation of services, compensations slowing down Lagos-Ibadan Expressway project
The Federal Government on Wednesday said that it was dealing with the challenges of compensations payment and relocation of services slowing down the Lagos-Ibadan Expressway rehabilitation and reconstruction project.

Alhaji Babangida Hussaini, Permanent Secretary, Federal Ministry of Works and Housing, made the remarks during a technical inspection of roads in Lagos and added that the speed of work on the project was impressive accept the challenges.
He assured Nigerians that the project would be delivered on schedule in December 2022.
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“Overall the progress of work is impressive, actually, let me just say that part of the challenges we are having are compensation issues, and also the relocation of existing utilities. This is what is slowing us down and this is why I am here. “And I can see that we have to really work fast to match the progress of work but overall the project is moving at the right place and we hope it should be completed on schedule,’’ he said.

He explained that about twenty owners of properties demolished for the construction of an interchange bridge at Lotto axis of the Lagos Ibadan expressway, are yet to be compensated by the federal government.

Hussaini said the compensation would be paid after completion of the survey and other due diligence, adding that, work on that section was “one of the very critical ones on the Lagos – Sagamu stretch of the Expressway’’.

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