Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN) has called for judicious use of the $1.5 billion earmarked for the rehabilitation of the Port-Harcourt refinery.
Nzekwe made the call in an interview with the News Agency of Nigeria (NAN) on Thursday in Ota, Ogun.
He said that if the fund was used judiciously, it would assist in achieving the desired result.
NAN reports that the Federal Executive Council (FEC) had on Wednesday approved $1.5 billion for the rehabilitation of the refinery.
He said that the call became necessary as most of the funds previously allocated for repairs and maintenance of the nation’s refineries had not achieved the desired result.
According to him, this development has forced the Federal Government to export crude oil and bring in refined products due to the inability of the country’s refineries to operate at the optimal level.
Nzekwe urged the government to redouble efforts towards ensuring that all refineries return to full operation with a view to reducing the price of petrol in the country.
He expressed optimism that the planned rehabilitation of the country’s refineries would generate job opportunities for youths and reduce pressure on the currency.
The former ANAN boss stressed the need for the government not to allow the funds to end up in an individual’s pocket, noting that anything that affects petrol, affected the whole economy.