Posted by News Express | 15 June 2020 | 670 times
By KEHINDE ABDULSALAM
The 2018 audited financial statements of the Nigerian National Petroleum Corporation, (NNPC) showing the Kaduna refinery making zero revenue in 2018 financial year but incurred a total cost of N64 Billion has caused an uproar on Twitter.
The NNPC had on Sunday published its 2018 financial statements on its website as part of measures to improve transparency around its operations.
The statements showed that the corporation’s three refineries reported a combined loss of N154 billion with the Kaduna refinery recording zero revenue for that year.
A recent report by the NNPC had indicated that none of the country’s refineries, with a combined capacity of 445,000 barrels per day, produced any refined crude between 2019 and 2020.
This development has further renewed the call for the privatization of the refineries. A twitter user, @ObiVegas asked “Hmmmmm How can NNPC spends such amount of money without any revenue at all?”
On his part, @Ambrosia_Ijebu wrote that the refineries should be shutdown instead of spending huge funds with no return of investments. “Banter aside, it is a very good thing that we are getting to see NNPC’s financial statements.
“I hope Nigerians will read it and see why the place needs to be shut down. No sentiments. Shut it down.”
The NNPC reports show that its National Petroleum Investment Management Services (NAPIMS) is its most profitable division in 2018 as it posted a revenue of N5.04 trillion ($13 billion) in 2018 and profit of N1.01 trillion. (Daily Trust)
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