$1.5billion has been allocated for the rehabilitation of Port Harcourt Refinery.
The Federal council gave the approval on Wednesday and therefore the plan are going to be administered by the Ministry of Petroleum Resources.
The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).
The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this to State House correspondents at the top of the meeting at the Presidential Villa, Abuja.
The minister said, “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, which memo was $1.5 billion and it had been approved by council today.
“So, we are happy to announce that the rehabilitation of the refinery will commence in three phases. the primary phase is to be completed in 18 months, which can take the refinery to a production of 90 percent of its nameplate capacity.
“The second phase is to be completed in 24 months and every one the ultimate stage are going to be completed in 44 months and consultations are approved.
“And i think that this is often excellent news for Nigeria.”