According to the latest Nigerian National Petroleum Corporation (NNPC) report, Nigeria’s refineries lost a total of N104.3 billion in 13 months while not processing any crude oil from the refineries.
According to a review of the updated consolidated refinery financial performance from February 2020 to February 2021, the plants continued to lose money on a monthly basis.
The three refineries are managed by the Nigerian National Petroleum Corporation (NNPC): Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company, and Warri Refining and Petrochemical Company.
The refineries’ monthly operational expenses outpaced their income for the whole 13-month period, according to the corporation’s numbers.
In February, March, April, May, June, July, and August 2020, the refineries’ consolidated losses were N9.36 billion, N10.3 billion, N9.69 billion, N9.55 billion, N10.23 billion, N9.1 billion, and N7.1 billion, respectively.
In September, October, November, and December 2020, the facilities lost N7.04 billion, N5.49 billion, N5.99 billion, and N8.28 billion, respectively.