The Nigerian National Petroleum Company, NNPC Limited has made a shocking disclosure at the Federation Account Allocation Committee (FAAC) meeting.
The company, in its 2021 performance report submitted to the committee recently, the national oil firm said it spent N100 billion on the rehabilitation of the nation’s refineries last year.
It revealed that N8.3 billion was spent every month in 2021 to revamp the moribund refineries in the country, adding that the refineries have a combined installed capacity of 445,000 barrels of oil per day.
The refineries managed by NNPC include Port Harcourt Refining Company (PHRC), Kaduna Refining Production Company (KRPC) and Warri Refining Production Company (WRPC).
In March 2021, the Federal Executive Council (FEC) 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.
