Okechukwu Nnodim
Nigeria’s refineries posted a cumulative loss of N114.3bn in the first 11 months of 2018, latest industry data have revealed.
Figures obtained from the Nigerian National Petroleum Corporation on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company made losses in the months under review.
The KRPC made a deficit of N31.62bn, PHRC recorded N44.2bn loss, while WRPC lost N38.5bn. The losses were from January to November 2018.
Further analysis of figures received from the national oil firm showed that the expenses incurred by the refineries were higher than the revenue they generated during the specified period.
Among the three refineries, it was observed that Kaduna refinery earned the lowest revenue of N3.1bn, while its expenses in the same period was put at N34.73bn.
Port Harcourt refinery garnered a revenue of N140.82bn, while its expenses for the 11-month period was N185.03bn.
For Warri refinery, it spent N178.32bn, higher than its total revenue of N140.23bn.
Figures from the NNPC also showed the budgeted revenue, expense and surplus that were expected from the refineries during the period.
The corporation’s budget for Kaduna refinery, in terms of revenue, was N294.8bn, while an expense of N265.2bn was also budgeted, leaving a surplus of N29.55bn.
This, however, did not happen as budgeted.
For Port Harcourt refinery, the NNPC expected a revenue of N441.43bn, an expense of N377.2bn and a surplus of N64.25bn. This also did not manifest in the actual figures from the refinery during the 11 months.
Similarly, for the Warri refinery, the expected revenue was N348.1bn, with an expense of N305.82bn and a surplus of N42.3bn. But just like the first two refineries, the Warri refinery could not also meet the projections.
Nigeria’s refineries have been performing below standard over time, a development that made the government to search for international financiers to revamp the facilities, although this move had yet to succeed.

https://punchng.com/refineries-post-n114-3bn-loss-in-11-months/amp

Every tree that doesnot bear fruits should be rooted out.

Atiku wanted to sell them off but the empty brain party were campaigning against it

richidinho:
Atiku wanted to sell them off but the empty brain party were campaigning against it

Every sane person knows, the organisation is a conduit pipe for siphony our commonwealth.

AtikuMeansJobs:
I PLEAD WITH MY IGBO BROTHERS AND SISTERS TO STOP COMMENTING ON IGBO HATE FILLED THREADS, LET'S IGNORE THEM SO THERE WILL A NATURAL DEATH DOUBLE YOUR HUSTLE, MAKE YOUR MONEY AND ENJOY YOUR LIFE,NO TIME FOR HATERS .... DA' ALUNU .


#OperationSilentTreatment

Our leaders make us hate ourselves.

A country that produces crude oil and gas in abundance yet its refineries don’t work and incurs losses from year to year, what an irony.

And they are saying we should not sell it off? Who's going to account for the losses?

We get refineries before?

ok

Atiku was right after all

The bitter truth is that one day, NNPC will cease to exit, when, by whom and what will happen I dont know, but one day just like America state, everyone will control her resources.

nnpc must be privatized.

press9jatv:
nnpc must be privatized.

The earlier will do, the better for the nation lalastically!

NNPC!!!!

116 Billion Naira, this is a year and 6 months budget of some states, now Niger Delta is going to bear the burden of this debt.

Atiku wanted to list NNPC on Nigeria Stock Exchange but enemies of state were kicking against it.

Any day, any time, a dead Atiku is better than a living Buhari.

SouthEastFacts:
116 Billion Naira, this is a year and 6 months budget of some states, now Niger Delta is going to bear the burden of this debt.

Atiku wanted to list NNPC on Nigeria Stock Exchange but enemies of state were kicking against it.

Any day, any time, a dead Atiku is better than a living Buhari.

NNPC can not continue like this, unless we want to deceive ourselves forever. God has giving us wisdom.

Omooba77:


The earlier will do, the better for the nation lalastically!

yes soooooo.

Omooba77:


NNPC can not continue like this, unless we want to deceive ourselves forever. God has giving us wisdom.

Buhari in his first tenure tried to unbundle it, and I wish he will privatize it.

But he won't, he is a bloody socialist.

SouthEastFacts:

Buhari in his first tenure tried to unbundle it, and I wish he will privatize it.

But he won't, he is a bloody socialist.

NNPC must be unbundled if corruption must me curtailed
mynd44
oamj

One day NNPC will be no more

Oil money