- On yearly basis, National Petroleum Corporation (NNPC) commits billions to pay the salaries and emoluments of its refineries workers
- The NNPC refineries have a combined capacity to refine 445,000 barrels of oil per day but continue to rely on importation to meet demands
- In fact, The federal government recently committed $1.5 billion(over N600bn) for the rehabilitation of Port Harcourt refinery.
The Nigerian National Petroleum Corporation (NNPC) has disclosed that in August, 100% of the 1.74 billion liters of petrol consumed by Nigerians were imported.
The General Manager, Corporate Services, the Petroleum Products Pricing Regulatory Agency (PPPRA), Kimchi Apollo disclosed this in a statement released on its website.
The statement also showed the amount of petrol consumed is a drop of about 132,301,071 litres when compared to the 1,867,925,811(1.86 billion) litres consumed in July.
Nigeria government spends N5.80tn in six months, but 61% of it was borrowed from countries, IMF, world bank
The statement added:
Do you have a groundbreaking story you would like us to publish? Please reach us through firstname.lastname@example.org!
the 1.74 billion barrels of petrol consumed in August represented a daily supply of around 55.99 million litres however the decline in the volume of PMS supplied in the month of August does not in any way translate to product scarcity.
Billions paid to workers
NNPC last month published the performance of its refineries in 2020 which shows that about 1,586 new persons were employed while N69.07 billion was spent on salaries and wages.
The refineries which are located in Port Harcourt, Kaduna, and Warri have a total installed capacity of 445,000 barrels per day but have been in disrepair for many years.
According to the report, Kaduna refinery spent N26.02bn in 2020 on workers' salaries and also employed 655 new staff.
While Port Harcourt refinery put its aggregate payroll costs for 2020 at N22.55bn. The refinery which is currently under rehabilitation employed 487 staff in 2020.
For Warri refinery, not only did management employed 444 new staff its aggregate employee cost amounts to N20.51bn.
Sanusi Says Powerful Persons Around Power Are Scamming Nigerians of a Better Life
Sanusi who is a renowned economist and a former Central Bank of Nigeria governor did not hold back when he spoke on Arise TV.
He noted that subsidy removal is all Nigeria's economy needs to bounce back amid dwindling government revenue.
According to him, their actions are depriving millions of Nigerians of a better life.