The Nigerian National Petroleum Corporation says the nation’s refineries generated a total revenue of N3.45bn in 2018 while salaries and other expenses gulped N160.13bn this year.
Payment of salaries, wages and allowances to workers at the ailing refineries accounted for more than a third of the total expenses.
The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity.
The Kaduna Refinery and Petrochemical Company Limited did not generate any revenue in the year under review but it incurred a total cost of N64.68bn, comprising N24.69bn direct cost and N39.99bn administrative expenses.
Port Harcourt Refining Company Limited, which earned N1.46bn in 2018, said its processing and administrative expenses amounted to N48.07bn.
For Warri Refining and Petrochemical Company Limited, N1.99bn was generated as revenue but its cost of sales and operating expenses was put at N47.38bn.