The Nigerian National Petroleum Company Limited (NNPCL) has been advised by the Nigerian Extractive Industries Transparency Initiative (NEITI) to expedite the restoration of the Kaduna Refinery and Phase two Port Harcourt Refinery Company Limited.

The advise was sent by the watchdog group in a release issued by Obiageli Onuorah, Acting Director of Communication & Stakeholders Management.

NEITI said: “We request the NNPC to expedite action on the second phase of the Port Harcourt Refinery and the ongoing rehabilitation of the Kaduna refinery.

"This should be followed closely with the restoration of the phase 1 of the Port Harcourt refinery to optimal capacity in the ongoing rehabilitation efforts

“By reducing the staggering costs associated with fuel importation, this milestone will positively impact Nigeria’s foreign exchange reserves and create a ripple effect across key sectors of the economy.

“NEITI acknowledges that the revitalisation of the Port Harcourt and Warri Refineries has the potential to enhance energy security, create jobs, stimulate local industries, and free up critical funds that can be redirected towards national priorities like health, education, and infrastructure.

“2022 also recorded the highest importation of PMS put at 23.54 Billion litres, while 2017 recorded the lowest import volumes of 16.88 billion litres. Furthermore.

“Between 2022 and 2023, importation volumes declined by 3.25 billion litres (14%) from 23.54 billion litres in 2022 to 20.28 billion litres in 2023.

“This is attributed to the announcement of the removal of fuel subsidy. NEITI is thrilled that the substantial sums spent on subsidies will now be available to promote poverty alleviation, national development, and the continuous reconstruction of the nation's infrastructure, thanks to the ongoing efforts to restart the refineries."