Nigeria's refineries lose N114.3bn in 2018

Nigeria’s refineries posted a cumulative loss of N114.3bn in the first 11 months of 2018, latest industry data have revealed.

Figures obtained from the Nigerian National Petroleum Corporation on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company made losses in the months under review.

Further analysis of figures received from the national oil firm showed that the expenses incurred by the refineries were higher than the revenue they generated during the specified period.

Among the three refineries, it was observed that Kaduna refinery earned the lowest revenue of N3.1bn, while its expenses in the same period was put at N34.73bn.

Port Harcourt refinery garnered a revenue of N140.82bn, while its expenses for the 11-month period was N185.03bn.

For Warri refinery, it spent N178.32bn, higher than its total revenue of N140.23bn.

Figures from the NNPC also showed the budgeted revenue, expense and surplus that were expected from the refineries during the period.

The corporation’s budget for Kaduna refinery, in terms of revenue, was N294.8bn, while an expense of N265.2bn was also budgeted, leaving a surplus of N29.55bn.

This, however, did not happen as budgeted.

For Port Harcourt refinery, the NNPC expected a revenue of N441.43bn, an expense of N377.2bn and a surplus of N64.25bn. This also did not manifest in the actual figures from the refinery during the 11 months.

Punch