NNPC spends N54.6bn to repair refineries in 6 months

The report stated that in January alone, the NNPCL spent N9.11 billion on refinery rehabilitation.

There was no expense in February and March.

Another N9.11 billion was invested in the refineries in each of the months of April and May 2022, while N18.22bn was pumped into the refineries in June.

Recall the Minister of state, petroleum, Chief Timipre Sylva, had mentioned April 2023 as the completion date for the rehabilitation of the Port Harcourt refinery adding that the plant would refine 60,000 barrels of crude by early next year, 2023.

The official contract for the rehabilitation of the Port Harcourt refinery was signed in April 2021 and involved a $1.5bn rehabilitation programme which was to be handled by Tecnimont SPA.

The rehabilitation of the facility was supposed to be completed in 18 months.

Further details from the report revealed data on the amount spent in subsidizing Premium Motor Spirit, popularly called petrol.

According to the figures, between January and June 2022, 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.