NNPC spends N109bn on rehabilitating refineries, repairing pipelines in 9 months
The Nigerian National Petroleum Corporation (NNPC) spent about N109.85 billion on the rehabilitation of its refineries and repair of pipelines in the first nine months of this year, according to its latest operations report for October 2021.
The report indicates that N34.85 billion was spent on pipelines security and maintenance while N75 billion was spent on the rehabilitation of unused refineries.
The breakdown indicates a monthly expenditure of N8.33 billion on refineries rehabilitation.
According to the report, pipeline repairs alone cost the corporation an average of N3.8 billion monthly, with the biggest payout in July 2021.
While the report indicates that there were no expenses in January, the corporation spent N5.81 billion on pipeline security and management in February.
In spent N5.32 billion in March, N2.64billion in April; N5.26billionn in May; N6.17 billion in June, and N7.35 billion in July for same expenditures.
Whereas the corporation did not record any expenses in August, it spent N2.30 billion to maintain and secure its pipelines.
In 2020, the NNPC recorded a total expenditure of N53.36 billion on pipeline repairs and management costs. Over the years, it engaged the Nigerian security forces to provide security including various oil facilities surveillance contracts to communities.
NNPC currently has four idle refineries, two in Port Harcourt (PHRC), and one each in Kaduna (KRPC) and Warri (WRPC) but all stopped refining fuel since 2019, with the country relying entirely on fuel importation.
