The Federal Government has spent over N400 billion ($2.036 billion) on the Turn Around Maintenance (TAM) of the country’s refineries in the last 13 years. A data compiled by New Telegraph revealed that the money was budgeted for TAM between 2000 and 2013. 
Iran has taken the petroleum industry by storm after announcing a bold, ambitious new regime of incentives for its oil partners, as it seeks to outsmart sluggish nations like Nigeria to win the required investment for its post sanctions era in which the door is also open to US firms. 
Organisation of Petroleum Exporting Countries (OPEC) has expressed optimism that slash in global investment by $130 billion in 2015 from its level of $650 billion in 2014 would lead to increase in crude oil prices.
The Federal Government, in a bid to attain robust external reserves, is planning to increase the amount in the Excess Crude Account from the current balance of $2.25bn to $3.95bn next year.
In its latest report, IEA said that bringing the electrification rate in sub-Saharan Africa up from 32 percent today to 70 percent in 2040 is estimated to cost about $205 billion in capital investment, less than one-fifth of total power sector investment in the region.
