The Nigerian National Petroleum Company (NNPC) Limited has said it spent N100 billion on the rehabilitation of the nation’s refineries in 2021.
The NNPC’s 2021 performance report presented to the Federation Account Allocation Committee (FAAC) meeting disclosed this recently.
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The fund, according to the oil firm, was used to revamp the moribund refineries in the country, as N8.3 billion was spent every month for the purpose in 2021.
The Federal Executive Council (FEC) had approved the sum of $1.5 billion for the rehabilitation of Port Harcourt refinery in Rivers state.
The approval was announced during the 38th virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.
The Port Harcourt Refining Company (PHRC), Kaduna Refining Production Company (KRPC) and the Warri Refining Production Company (WRPC) are all under NNPC management and they have installed capacity of 445,000 barrels of oil per day.
Group managing director of the NNPC, Mele Kyari, had said that Nigeria’s refineries were shut down because their operations were no longer sustainable.
He said that to run Kaduna and Warri refinery, for instance, “you need to deliver 170,000 barrel of oil per day so that both will operate at 70 per cent capacity.”