Outrage As NNPC Reveals Kaduna Refinery Had Zero Revenue In 2018, Incurred N64 Billion Cost


NNPC 2018 financial statement
Nigerian National Petroleum Corporation (NNPC) has published its 2018 audited financial statements showing that the Kaduna refinery made no revenue in 2018 but incurred a total cost of N64 Billion.

The financial statement was released on its website on Sunday as part of measures to improve transparency around its operations.

In the statement, three refineries reported a combined loss of N154 billion with the Kaduna refinery recording zero revenue for 2018.

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

The financial statement has since sparked outrage among many Nigerians on Twitter, as they call for the privatization of the refineries or a complete shut down of NNPC.

See some reactions below;

NNPC’s reports however indicates that its National Petroleum Investment Management Services (NAPIMS) is its most profitable division in 2018, following the generation of N5.04 trillion ($13 billion) in 2018 and profit of N1.01 trillion.

See some photos of the financial statements;

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