The nation’s refineries generated a total revenue of N3.45bn in 2018 but their salary expenses and other expenses gulped N160.13bn, the Nigerian National Petroleum Corporation has said.
The NNPC said these in its audited financial statements made public on Monday.
The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity. The company said it did not earn any income through processing fee due to “the shutdown of the plants and the ongoing turnaround maintenance.”Port Harcourt Refining Company Limited, which earned N1.46bn in 2018, said its processing and administrative expenses were N24.04bn and N24.03bn respectively, amounting to N48.07bn.
A total of N20.99bn was paid to its workers as salaries, wages and allowances in 2018, according to its financial statements. Last week, the Group Managing Director, NNPC, Mallam Mele Kyari, said the failure to fix the country’s refineries over the years was a strategy problem. The plan was to use third-party financiers and the original refinery builders to provide the requisite funding and technical support.
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