Sunday, September 19, 2021

NNPC Refineries Pay Workers N69bn, Generated No Revenue

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A total of N69.07bn was last year paid workers at government refineries even as no revenue was generated at the plants.

The data from audited financial statements revealed that refineries suffered a combined loss of N108.29bn in 2020, compared to N162.22bn in the previous year.

The ones under review are the Port Harcourt, Kaduna and Warri refineries which 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 and wages paid to Kaduna refinery workers fell to N26.02bn in 2020 from N34.52bn in 2019.

Port Harcourt refinery put its aggregate payroll costs at N22.55bn, up from N18.62bn a year earlier while Warri refinery said its aggregate costs of all employees, dropped to N20.51bn last year from N30.86bn in 2019.