EXCLUSIVE: Nigeria’s Ailing Refineries In Port Harcourt, Kaduna, Warri Amass Over N3trillion Debts Since 2020 Despite Failing To Serve Nigerians

The attain is in consequence of NNPCL funding of the actions of the refineries even when they had been poorly functional and making losses.

A review of monetary paperwork has proven that three refinery corporations, Kaduna Refinery Compnay, Port Harcourt Refinery Company and Warri Refinery and Petro-Chemical Company gathered debts up to a whole bunch of billions owed to the Nigerian Nationwide Petroleum Company Puny (NNPCL) between 2020 and 2021.

The attain is in consequence of NNPCL funding of the actions of the refineries even when they had been poorly functional and making losses.

The corporations additionally maintain a abysmally sad fable of loss making, that would possibly well presumably presumably expose why it depends on the NNPCL to fund its operations and in return amass worthy debts.

Paperwork reviewed present off that in 2020, PortHarcourt refinery and Petrochemicals Company owed N438 billion and owed N476 billion in 2021.

Kaduna Refinery and Petrochemicals Company owed N502 billion in 2020 and N558 billion in 2020.

Warri Refinery and Petrochemicals firm owed N378 billion in 2020 and N415 billion in 2021.

This indebtedness to the NNPC would possibly well presumably no longer be exquisite given their history of constructing losses, in consequence of paucity of earnings. 

In 2015, Kaduna Train refinery earnings stood at N21 million whereas the expenditure for the three hundred and sixty five days stood at N18.6 billion.

In the same three hundred and sixty five days Port Harcourt refinery recorded N215 million whereas the expenditure for the three hundred and sixty five days was as soon as N12.2 billion.

Warri refinery earnings stood at N45 million whereas the expenditure for the three hundred and sixty five days stood at N15.5 billion. 

In 2016, Kaduna refinery and petrochemical firm made a earnings of N208 million nevertheless spent N31.9 billion. The PortHarcourt refinery made N807 million nevertheless spent N28.2 billion in same period.

Warri refinery whole earnings in 2016 stood at N89 million whereas the firm spent N18.7 billion in the same period.

In 2017, Kaduna Refinery and Petrochemical firm posted a earnings of N109 billion nevertheless made expenditure of N141 billion. 

Warri refinery made N89 billion nevertheless made expenditure of N111 billion.

Despite the fundings poured into the refining corporations by the NNPC, they maintain got endured to remain non-functional. 

Nigerians maintain endured to lament as Africa’s most populous nation blessed with low oil struggles with refining its procure petroleum, and is as a replace relying on importation which has pushed up energy costs.

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