The Nigerian National Petroleum Company (NNPC) Limited spent
N100 billion on the rehabilitation of the nation’s refineries in 2021.
The details are contained in the Nigerian National Petroleum
Corporation (NNPC) presentation to the Federation Account Allocation Committee
(FAAC) meeting on its funding performance for the year.
According to the state oil firm, the fund was used to revamp
the facilities throughout the year.
Although the specific refineries were not stated, according
to the funding report, NNPC said it spent N8.3 billion every month in 2021 to
revamp the refineries.
The facilities under the NNPC’s management include the Port
Harcourt Refining Company (PHRC), Kaduna Refining Production Company (KRPC) and
the Warri Refining Production Company (WRPC).
The refineries have a combined installed capacity of 445,000
barrels of oil per day.
Despite having four refineries, Nigeria imports its refined
petroleum products. As a result, the country spends the scarce foreign exchange
(forex) to ensure no scarcity.
Mele Kyari, group managing director of the NNPC, had said
the nation’s refineries were deliberately shut down because their operations
were no longer sustainable.
In March 2021, the federal executive council (FEC) approved
the sum of $1.5 billion for the rehabilitation of the Port Harcourt refinery.
Last week, the federal government said it had processed $98 million and N17.2
billion as partial payments for the ongoing rehabilitation works at the
refinery.
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