The Nigerian National Petroleum Company Limited (NNPC) has disclosed that debts linked to its non-working refineries have risen to N8.5 trillion as of December 2024, reflecting worsening financial strain across the oil company’s subsidiaries.
Fresh details from NNPC’s latest financials show that most of the liabilities stem from three major entities: Port Harcourt Refining Company (N4.2tn), NNPC E&P Ltd (N4tn), and Kaduna Refining and Petrochemical Company (N2.4tn).
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The current figure marks a 35% increase from the N6.3 trillion recorded in 2023, underscoring years of stalled refinery rehabilitation and mounting intra-group obligations.
Despite being Africa’s largest crude producer, Nigeria still depends heavily on fuel imports and the Dangote Refinery, even though its four state-owned refineries have an installed capacity of 445,000 barrels per day.
Other subsidiaries also recorded significant shifts. NNPC E&P’s related-party liabilities dropped from N4.85 trillion to N4.02 trillion, while Kaduna refinery saw funds owed to it rise sharply from N1.36 trillion to N2.39 trillion.
An industry source described the figures as evidence of “years of fiscal bleeding,” noting that non-performing assets continue to drain the company’s finances.
The Port Harcourt refinery the biggest contributor to the debt — remains under rehabilitation, with multiple deadlines already missed.
