Nigeria–The Federal Executive Council (FEC) has released a statement highlighting it has "approved $1.5 billion for the rehabilitation of Port Harcourt Refinery 

 After a meeting on Wednesday March 17, at the 38th FEC meeting chaired  by President Muhammadu Buhari. 

Timipre Sylva, Minister of State for Petroleum Resources, in a post meeting interview stated  revealed the investment to news men in Abuja.

He stated that;

 “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum  amounting to $1.5 billion to FEC and it was approved 

We are happy to announce that the rehabilitation of the refinery will commence in three phases. The first phase to be completed in 1year and 4 months time, which will take the refinery to a production of 90 percent of its nameplate capacity.

“The second phase is to be completed in 2-years and all then the final stage will be completed in 4 years and consultations are approved.

"This is good news to Nigerians i believe" He lamented