‘NNPCL loaned N220bn to refineries for maintenance’
The Nigerian National Petroleum Company (NNPCL) says it loaned N220.495 to its three refineries for Quick Fix Maintenance project, tax obligations, among others. The figures were contained in its 2025 Audited Financial Statement. According to the report, the Kaduna Refining & Petrochemical Company Limited was loaned N77.588, while Port Harcourt Refining Company Limited got N2.58bn […]
The Nigerian National Petroleum Company (NNPCL) lent N220.495 billion to its three refineries for various purposes, according to its 2025 Audited Financial Statement. Kaduna Refining & Petrochemical Company Limited received N77.588 billion, while Port Harcourt Refining Company Limited and Warri Refining & Petrochemical Company Limited were given N2.58 billion and N113.327 billion, respectively.
These loans came after NNPCL signed a Memorandum of Understanding with two Chinese companies for potential collaboration to complete and operate the Port Harcourt and Warri Refineries. The loans were used to cover invoice payments, tax obligations, and outstanding invoices for the Quick Fix Maintenance project, as well as for drilling campaigns and seismic acquisition projects.
The federal government is also currently owed N11.2 trillion, which is classified as an expected loss allowance for FGN receivables.
Written by urgent.news from Daily Trust's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
