NNPC Says Refineries Earn N3.45bn, NAPIMS Makes N1.02trn
The nation’s refineries generated a total revenue of N3.45 billion in 2018 but their salary expenses and other expenses gulped N160.13 billion, the Nigerian National Petroleum Corporation has said.
It also disclosed that its investment arm made a profit of N1.02 trillion within the year.
The NNPC said these in its audited financial statements made public on Monday.
The public disclosure of the accounts is a departure from the recent past as the performance of the corporation had remained opaque.
Payment of salaries, wages and allowances to workers at the ailing refineries accounted for more than a third (33.49 per cent) of the total expenses.
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 refining companies, which are subsidiaries of the NNPC, earn revenue in form of processing fees charged on crude oil processing for the corporation.
The Kaduna Refinery and Petrochemical Company Limited did not generate any revenue in the year under review but it incurred a total cost of N64.68 billion, comprising N24.69 billion direct cost and N39.99 billion administrative expenses.
