Nigeria’s Refineries Lose N114.3bn in 11 Months

• Nigeria’s Refineries Lose N114.3bn in 11 Months

The Nigerian National Petroleum Corporation has reported that refineries across the nation accumulated N114.5 billion in losses during the first 11 months of 2018.

The report obtained on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company made losses during the months under review.

The PHRC recorded N44.2 billion loss, KRPC made a deficit of N31.62 billion and WRPC lost a total of N38.5 billion between January and November 2018.

A further breakdown showed the expenses incurred were more than the revenue generated by the three refineries during the period.

The Kaduna refinery generated the lowest revenue of N3.1 billion, while expenses stood at N34.73 billion during the same period.

Port Harcourt refinery incurred N185.03 billion in expenses during the period, while revenue was N140.82 billion.

While Warri refinery generated N140.23 billion but N178.32 billion was spent on maintenance.

The refineries have been performing below expectation for years despite incurring huge cost of maintenance.