Nigerian refineries lose N104.3b in 13 months

Nigerian refineries lose N104.3b in 13 months

Nigeria's refineries have reportedly lost N104.3 billion in 13 months despite not processing any crude oil during the period.

This was contained in the Nigerian National Petroleum Corporation's latest report.

A study of the revised consolidated refinery financial performance from February 2020 to February 2021, revealed that the plants continued to lose money on a monthly basis.

The Nigerian National Petroleum Corporation (NNPC) is in charge of three refineries: Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company, and Warri Refining and Petrochemical Company.

According to the corporation's figures, the refineries' monthly operational expenses exceeded their income for the whole 13-month period, The PUNCH reports.

The refineries' consolidated losses in February, March, April, May, June, July, and August 2020 were N9.36 billion, N10.3 billion, N9.69 billion, N9.55 billion, N10.23 billion, N9.1 billion, and N7.1 billion, respectively.

The facilities lost N7.04 billion, N5.49 billion, N5.99 billion, and N8.28 billion in September, October, November, and December 2020, respectively.

Their consolidated losses persisted in 2021, with losses of N5.37 billion and N6.88 billion in January and February of this year, respectively, according to the corporation's most recent statement.