In Nine Months, NNPC, Refineries’ Post N123.64bn Deficit

Between January to September 2021, the Nigerian National Petroleum Company Limited has revealed that it posted, alongside three Nigerian refineries, a combined deficit of N123.64bn.

The report, which was contained in the September 2021 report, indicated that while the cumulative deficits of the three refineries during the period was N46.52bn, NNPC  posted a deficit of N77.12bn.

The three refineries identified in the report include the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

The report, however, stated that the budgeted deficits for the corporate headquarters and the refineries during the nine-month period were N151.12bn and N49.8bn respectively.

Other Breakdown Analysis

In the report, the NNPC stated that the deficit posted by its corporate headquarters in September 2021 alone was N5.956bn, down from the N10.226bn recorded in August same year.

The report showed that while the corporate headquarters made a revenue of N11.101bn in September, its expenses were valued at N17.057bn.

For the refineries, the facilities made revenue of N207m in September 2021, while they incurred a cumulative expense of N6.059bn in the same month.

Nigeria’s refineries have been dormant for several years. However, the Federal Government in 2021 approved funds for the rehabilitation of the facilities and promised to get the PHRC running before the end of the current administration.

The September 2021 report released by the NNPC came as motorists still struggled to get Premium Motor Spirit, popularly called petrol, in parts of Abuja and neighbouring Nasarawa and Niger states on Friday.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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