Nigeria ’s refineries posted a cumulative loss of N 114 .3 bn in the first 11 months of 2018 , latest industry data have revealed .
Figures by the Nigerian National Petroleum Corporation on Sunday 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.
The KRPC made a deficit of N 31 . 62 bn , PHRC recorded N 44 .2 bn loss , while WRPC lost N38 .5 bn . The losses were from January to November 2018 .
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 N 3. 1bn , while its expenses in the same period was put at N34 .73 bn .
Port Harcourt refinery garnered a revenue of N140.82bn , while its expenses for the 11 -month period was N 185 .03 bn .
For Warri refinery , it spent N 178 .32 bn , higher than its total revenue of N 140.23 bn.
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 N 294 .8 bn , while an expense of N 265 .2 bn was also budgeted, leaving a surplus of N 29 .55 bn .
This , however , did not happen as budgeted.
For Port Harcourt refinery , the NNPC expected a revenue of N 441 .43 bn , an expense of N377 .2 bn and a surplus of N 64 .25 bn . This also did not manifest in the actual figures from the refinery during the 11 months.
Similarly , for the Warri refinery , the expected revenue was N348 . 1bn , with an expense of N 305 .82 bn and a surplus of N 42 .3 bn . But just like the first two refineries, the Warri refinery could not also meet the projections .
Nigeria ’s refineries have been performing below standard over time , a development that made the government to search for international financiers to revamp the facilities , although this move had yet to succeed
