NNPC pumps N100bn into unused refineries in 2021

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

This is despite the refineries not refining a drop of fuel and forcing authorities to import refined petroleum products.

NNPC disclosed this in its FAAC report from January to December 2021.

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

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

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.

Read also: Despite producing zero fuel, NNPC refineries directors, workers get N252.8bn in 3yrs

Following the suspension on the removal of fuel subsidy, Timipre Sylva, the Minister of State for Petroleum Resources promised that Port Harcourt refinery would be in operation before the end of 2020.

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

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

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