Cite 100,000bpd refinery in Kolmani, Arewa Economic Forum tells FG

The Arewa Economic Forum has called on the federal government to rally investors to establish a 100,000 barrels per day refinery in Kolmani, Bauchi state. The Chairman of the Forum, Ibrahim Shehu Dandakata, made the call during a press briefing in Abuja over the weekend. He said citing a refinery in the north will ease […]

The Arewa Economic Forum has called on the federal government to rally investors to establish a 100,000 barrels per day refinery in Kolmani, Bauchi state.

The Chairman of the Forum, Ibrahim Shehu Dandakata, made the call during a press briefing in Abuja over the weekend.

He said citing a refinery in the north will ease the economic challenges of the region.

“Building a100,000 barrels per day refinery in Kolmani, Bauchi State, will significantly lower refining and transportation costs while catering to the region’s demands.We are not telling federal government to use government funds in doing that but to rally investors to make it happen.”

“The Kolmani Integrated Development Project is a promising investment opportunity, boasting an expected $3 billion in Foreign Direct Investment (FDI). This project aims to include a refinery, gas processing plant, power plant, and fertilizer plant, which collectively could reshape the economic landscape of the region,” he explained.

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Dandakata also called for a review of the proposed Value Added Tax (VAT) system, advocating for its replacement with a more straightforward sales tax model.

He called for a “genuine consumption tax paid at the point of sale,” which he believes would streamline the tax collection process and broaden the government’s tax base. He described the current VAT model as “a multi-layered tax structure,” which he claims complicates tax collection, ultimately leading to increased costs for consumers.