The Nigerian National Petroleum Company (NNPC) Limited spent N100 billion on the rehabilitation of the nation’s refineries in 2021.
The details are contained in the Nigerian National Petroleum Corporation (NNPC) presentation to the Federation Account Allocation Committee (FAAC) meeting on its funding performance for the year.
According to the state oil firm, the fund was used to revamp the facilities throughout the year.
Although the specific refineries were not stated, according to the funding report, NNPC said it spent N8.3 billion every month in 2021 to revamp the refineries.
The facilities under the NNPC’s management include the Port Harcourt Refining Company (PHRC), Kaduna Refining Production Company (KRPC) and the Warri Refining Production Company (WRPC).
The refineries have a combined installed capacity of 445,000 barrels of oil per day.
Despite having four refineries, Nigeria imports its refined petroleum products. As a result, the country spends the scarce foreign exchange (forex) to ensure no scarcity.