The Nigerian National Petroleum Company (NNPC) Limited spent N100bn on refineries’ rehabilitation in 2021.
This is contained in a report on the funding performance of the state oil firm from January to December 2021, which was sighted in Abuja over the weekend..
Punch reports that no refinery was mentioned in the report, however, Nigeria’s refineries have been under the management of NNPC, even as the rehabilitation of the Port Harcourt Refining Company, has been ongoing.
The other refineries under the NNPC’s management include the Kaduna Refining and Petrochemical Company, as well as the Warri Refining and Petrochemical Company.
According to the NNPC’s latest funding performance report, N8.33bn was spent monthly for a period of 12 months beginning from January to December 2021 on refinery rehabilitation.
The Federal Government has been making moves to get the country’s refineries back on stream, as Nigeria currently imports bulk of its refined petroleum products.
This has resulted in huge subsidy spendings by the NNPC, the sole importer of petrol into Nigeria,for over four years and counting.
According to the report, the Federal Government had set aside $98m and N17.2bn as part payment for the ongoing rehabilitation of the Port Harcourt Refining Company.
“Government had made an initial payment of $194m, being the 15 per cent advance payment required for the rehabilitation of the facility, to Tecnimont SpA of Italy.” The report read.
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