HomeBusiness And MoneyNNPC spends N109bn on refineries rehabilitation, pipelines in nine months

NNPC spends N109bn on refineries rehabilitation, pipelines in nine months

The Nigerian National Petroleum Corporation (NNPC) has disclosed that from January to September a total of N109.85 billion was spent on refineries rehabilitation and pipelines in the first nine months of 2021.

NNPC gave the figures in its latest operations report for October obtained by Ripples Nigeria on Monday.

According to NNPC data, N34.85 billion went into pipelines security and maintenance while N75 billion was for the rehabilitation of unused refineries.

Providing a breakdown on refineries rehabilitation cost, NNPC noted that monthly N8.33 billion was committed.

NNPC currently has four idle refineries, two in Port Harcourt (PHRC), and one each in Kaduna (KRPC) and Warri (WRPC).

However, since 2019, none of the refineries has been able to refine a drop of fuel, hence the country relies entirely on imports to satisfy demands.

However, for pipeline repair costs which gulped an average of N3.8 billion monthly, NNPC recorded the biggest payout in July 2021.

 

NNPC disclosed no expenses in January but spent N5.81 billion on pipeline security and management in February.

In March N5.32 billion was spent followed by N2.64billion in April; N5.26billionn in May; N6.17 billion in June, and N7.35 billion in July.

NNPC also did not record any expenses in August, however in September N2.30 billion was allocated to maintain and secure pipelines across the country.

NNPC last year spent N53.36 billion on pipeline repairs and management costs.

Over the years, NNPC has engaged the Nigerian security forces to provide security including various oil facilities surveillance contracts to the community.

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