We Spent N100billion on refineries in 2021 – NNPC

The Nigerian National Petroleum Company (NNPC) Limited has reported that it spent N100 billion on the rehabilitation of refineries in 2021.

The report forms part of details of the presentation of the Nigerian National Petroleum Corporation (NNPC) to the Federation Account Allocation Committee (FAAC) meeting on its funding performance for the year 2021.

The NNPC in its report stated that the fund was used to revamp the facilities throughout the year at an amount of about N8.3billion every month.

The report did not however categorically state how much was spent on each of the 4 refineries monthly.

The refineries that have a combined installed capacity of 445,000 barrels per day include the Port Harcourt Refining Company (PHRC), Kaduna Refining Production Company (KRPC) and the Warri Refining Production Company (WRPC). 

You would recall that, In March 2021, the Federal Executive Council (FEC) approved the sum of $1.5 billion for the rehabilitation of the Port Harcourt refinery.

The Federal Government had earlier reported that it had processed $98 million and N17.2 billion as partial payments for the ongoing rehabilitation works at the Port Harcourt refinery.

It is on record that the Nigerian Government spends a lot of money in foreign currency to ensure importation of fuel, despite having four refineries.