The Nigerian National Petroleum Company Limited (NNPC), invested a whooping N63.3 billion on its three refineries located in Port Harcourt, Warri and Kaduna. The National Bureau of Statistics report on trade revealed that in 2021 petrol importation jumped by 97.01 per cent to N3.96 trillion from N2.01 trillion spent in 2020.
The Data shows that that Port Harcourt Refining and Petrochemical Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company recorded operating deficits of N26.89 billion, N21.2 billion, and N15.18 billion, respectively in the period under review.
The report stated that, “the three refineries processed no crude in the period, and their combined yield efficiency was zero percent, owing largely to on-going refinery rehabilitation.
“The declining operational performance is attributable to on-going revamping of the refineries, which is expected to further enhance capacity utilisation once completed.” According to the latest NNPC data, Businessday reports, the losses reported by the refineries occurred from September 2020 to August 2021.
In the last seven months, petrol subsidy payments amounted to N714 billion, shrinking monthly revenue accruing to the federation account.