Despite an earlier claim by Mele Kyari, group managing director of the NNPC that the nation’s refineries were deliberately shut down because their operations were no longer sustainable, the oil giant spent N100 billion on the rehabilitation of the refineries in 2021.
According to a memo the corporation presented to the Federation Account Allocation Committee (FAAC) meeting on its funding performance for the year 2021, the fund was used to revamp the facilities.
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.
The federal executive council (FEC) in March last year approved the sum of $1.5 billion for the rehabilitation of the Port Harcourt refinery.
Last week, the federal government said it had processed $98 million and N17.2 billion as partial payments for the ongoing rehabilitation works at the refinery.
Nigeria imports its refined petroleum products, despite having four refineries.
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