The audited financial statement for the year 2018 of the Nigerian National Petroleum Resources (NNPC) indicating the Kaduna refinery with zero revenue and incurred a total cost of N64 Billion has made some individuals call for its privatization.
The NNPC in its quest to improve on transparency published its financial statements on its website as part of measures to keep Nigerians informed about its operation.
The financial statement indicated 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 has shown that none of Nigeria’s refineries, with the combined capacity of 445,000 barrels per day, produced any refined crude between 2019 and 2020.
This incapacitation of the nation’s refineries has renewed the call for its privatization by concerned citizens.
A Twitter handle, @ObiVegas wrote, “Hmnnn How can NNPC spend such amount of money without any revenue at all?”
Another Twitter handle, @Ambrosia_Ijebu posited that the refineries should be shut down instead of spending huge funds with no return on investment.
“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.
Shut it down.”
The NNPC reports indicated 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.