The Nigerian National Petroleum Company(NNPC) Limited spent N100 billion on the rehabilitation of the nation’s refineries in 2021.
This was disclosed in a presentation made by the corporation to the Federation Account Allocation Committee (FAAC) meeting on its funding performance for the year.
Though the specific refineries for which the funds were used was not disclosed, however, the state oil firm said it spent N8.3 billion every month to revamp the refineries throughout the year.
NNPC currently manages 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, the country still imports refined products.
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 said it had processed $98 million and N17.2 billion as partial payments for the ongoing rehabilitation works at the refinery.
