NNPC refineries generate zero revenue, pay workers N69bn.

Written by on September 12, 2021

Workers at the government-owned refineries were paid a total of N69.07bn last year, even as the plants generated zero revenue as they did not process a single barrel of crude oil.

The refineries suffered a combined loss of N108.29bn in 2020, compared to N162.22bn in the previous year, according to data collated from their audited financial statements released by the Nigerian National Petroleum Corporation 

The plants, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have been in a state of disrepair for many years.

Kaduna Refining and Petrochemical Company reported a loss after tax of N55.77bn last year; Port Harcourt Refining Company recorded N28.67bn loss; and Warri Refining and Petrochemical Company posted a loss of N23.85bn.

Salaries, wages and other fringe benefits paid to Kaduna refinery workers fell to N26.02bn in 2020 from N34.52bn in the previous year.

Port Harcourt refinery put its aggregate payroll costs (wages, salaries and allowances, redundancy and pension costs) at N22.55bn, up from N18.62bn a year earlier.

Warri refinery said its aggregate costs of employees, comprising direct labour cost and indirect labour and staff welfare cost, dropped to N20.51bn last year from N30.86bn in 2019.

According to PHRC, the NNPC provided N107.86bn as of December 2020 to the company under a funding arrangement that is interest-free

Credit: Punch 


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