Nigeria spent more than $10 billion in a decade on three oil refineries that produced hardly any fuel, a parliamentary report said.
It cost the state-owned Nigeria National Petroleum Co. N4.8 trillion ($10.3 billion) to run the facilities from 2010 to 2020, even though they were operating far below their combined capacity of 445,000 barrels of crude per day, according to a report by a committee in the country’s House of Representatives. The company is currently rehabilitating the plants.
The House of Representatives (HoR) has therefore advised the Nigerian National Petroleum Company Limited, NNPCL, to consider outsourcing management of the country’s refineries after repairs.
The report disclosed that Nigeria spent more than $10 billion in a decade on three oil refineries that produced hardly any fuel.
It cost the NNPCL N4.8 trillion ($10.3 billion) to run the facilities from 2010 to 2020, even though they were operating far below their combined capacity of 445,000 barrels of crude per day, according to a report by a Committee in the House of Representatives.
The company is currently rehabilitating the plants.
By the time they were put into rehabilitation, they had almost ceased to function and output had not exceeded 30 per cent since 2010, according to the report.
That left Nigeria entirely reliant on products imports, whose price was kept artificially low by fuel subsidies.
