Former Vice President Atiku Abubakar has said the $1.5 billion earmarked by the Federal Government for the renovation of the moribund Port Harcourt refinery is suspicious.

According to him, the nation cannot afford such a huge allocation to the comatose refinery considering the poor economy with the unemployment rate standing at 33 percent and 17 percent inflation.

In a statement on Thursday, which he personally signed, Atiku said: "To therefore budget the sum of $1.5 billion to renovate or turn around the Port Harcourt Refinery would appear to be an unwise use of scarce funds at this critical juncture for a multiplicity of reasons.

"First of all, our refineries have been loss-making for multiple years, and indeed, it is questionable wisdom to throw good money after bad.

“At other times, I have counselled that the best course of action would be to privatise our refineries, so they can be run more effectively and efficiently.

https://thenationonlineng.net/1-5bn-for-p-harcourt-refinery-renovation-suspicious-atiku/