Photo: NNPC Towers
The Nigerian National Petroleum Company Limited (NNPCL) has spent N54.66bn to rehabilitate refineries from January to June 2022.
This is according reports obtained from the company’s presentation to the Federation Accounts Allocation Committee meeting for July 2022.
Details of the report indicated that the NNPCL spent N9.11 billion on refinery rehabilitation in January alone.
The sum of N9.11 billion was invested in the refineries in each of the months of April and May, while N18.22bn was pumped into the refineries in June.
It would be recalled that the Minister of State, Petroleum’, Mr Timipre Sylva, had earlier said that the completion date for the rehabilitation of the Port Harcourt refinery was April 2023.
Sylva had also said that the plant would refine 60,000 barrels of crude by early 2023.
The Port Harcourt refinery rehabilitation contract was signed in April 2021 for a whopping $1.5bn to be handled by Tecnimont SPA. and completed in 18 months.
Details from the report also revealed data on the amount spent in subsidizing Premium Motor Spirit, popularly called petrol.
The figures for between January and June revealed that N1.593tn was paid as subsidy by the government for petroleum products.
From the July FAAC analysis for the first half of 2022, fuel subsidy or under-recovery/value shortfall, as described by NNPCL, rose to N1.593 trillion.
The report also indicated the amount spent monthly as subsidies on the commodity in January – N210.38bn, February – N219.78bn and March – N245.77bn.
The monthly subsidy payments for April, May and June respectively stood at N271.59bn, N327.1bn and N319.18bn respectively.
