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$1.5bn budgeted for refinery repair can build 12 world class hospitals —Atedo Peterside



Stanbic IBTC founder, Atedo Peterside, has said the $1.5 billion President Muhammadu Buhari’s administration plans to spend on the Port Harcourt refinery should be disbursed into Nigeria’s health sector.

Peterside said the amount is enough to build twelve world class hospitals within the country, adding, that two of the hospitals would be located in each of the geopolitical zones.

The investment banker and economist said the twelve hospitals are estimated to cost $125 million each. He reiterated that the Federal Government should allow private investors take possession of the refinery.

Peterside said core investors should be sold the Port Harcourt refinery at its faulty state, with rehabilitation cost placed on the buyer, not the government.

READ ALSO: NNPC dragging Nigeria into financial mess over Port Harcourt refinery – Peterside

“The $1.5bn earmarked for PH Refinery Rehabilitation by #NNPC could build 12 world class hospitals costing $125m each – 2 in each geopolitical zone.

“We could then allow private sector core investors to purchase the refinery and rehabilitate it with their own funds @officialNESG.” Peterside made the comment on Thursday on his Twitter handle.

He has been advocating for the $1.5 billion budgeted for the refinery to be suspended, describing government’s plan to rehabilitate the oil refinery as brazen. The Stanbic IBTC boss has been criticising the move weekly, since reports broke about the plan.

Two days ago, he told Moneyline With Nancy that, “At a time when people are thinking of electric cars that is when Nigeria is planning to make a massive investment with borrowed funds in fossil fuels.” Peterside

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