Report Shows NNPC Spends N100 Billion on Refineries Rehabilitation in 2021, Yet No Drop Of Oil Was Processed

• NNPC has revealed that in 2021, it spent a total of N100bn despite the refineries not processing a single drop of oil
• The money spent on the government-owned refineries is expected to on salaries of workers
• The refineries are located in Port Harcourt, Kaduna and Warri with a capacity to refine N445,000 barrels of oil a day

The Nigerian National Petroleum Corporation (NNPC) has disclosed that in the 12 months of 2021, a total of N100 billion was spent on refineries rehabilitation.

NNPC disclosed this in its FAAC report published on its website and obtained by Legit.ng.

The Punch Newspaper reports that this is despite the refineries not processing drop of fuel and relying on imports to meet the demands of Nigerians.

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The expenditures on the refineries has continued to be a source of growing concern for many Nigerians and stakeholders in the oil industry.

Providing a breakdown on refineries rehabilitation cost, NNPC noted that monthly N8.33 billion was committed but failed to provide detailed breakdown of how the money was shared.

NNPC currently has four idle refineries; two in Port Harcourt (PHRC), one each in Kaduna (KRPC) and Warri (WRPC).

Federal government plans

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.

The Guardian Newspapers reports, Timipre Sylva, the Minister of State for Petroleum Resources promised that Port Harcourt refinery will be in operation before the end of 2020.

This promise, he noted, is in fulfilment of the contract reached with Tecnimont SPA, an Italian company to rehabilitate Port Harcourt refinery for $1.5 billion.

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The contract stipulates that the rehabilitation work will be in three phases; 18, 24 and 44 months.

President Buhari refuses to make NNPC his personal ATM card

Meanwhile, Legit.ng had previously reported that Femi Adesina, a media aide of President Muhammadu Buhari revealed what was responsible for the N287 billion net profit announced by the NNPC.

It was reported that Adesina in an article shared on his Facebook post on Thursday, September 2, explained that the massive economic feat came about because his principal has refused to make the corporation his personal Automated Teller Machine.

He added that the president who is also the minister for petroleum resources is the first leader in the history of Nigeria and the NNPC who has refused to make the agency his means of accumulating riches.

Source: Legit.ng