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Refineries’ Rehab, Oil Exploration, Others Gulp N21bn — NAPIMS

The National Petroleum Investment Management Services, NAPIMS, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, invested N21.47 billion to rehabilitate the nation’s refineries, the Nigeria-Morocco gas pipeline and oil search in the frontier basins, among others in January 2021.

In its February 2020 presentation to the Federation Account Allocation Committee, FAAC, NAPIMS also mentioned the National Domestic Gas Devt.; Gas Infrastructure Development; Renewable Energy Development, RED; Crude Oil Pre-Export Inspection Agency Expenses and pre-export financing as some other projects funded during the period.

The report, which disclosed that in January 2021, rehabilitation of the refineries gulped N8.33 billion; pre-export financing received N5 billion; National Domestic Gas Devt. – N3.17 billion; and Gas Infrastructure Devt.- N2.39 billion, added that the Frontier Exploration Services, which also involves the search for hydrocarbons in inland basins, especially in the north, received N1.96 billion funding from NAPIMS; Crude Oil Pre-Export Inspection Agency Expenses and pre-export financing, NESS-FESS received N402.69 million; Renewable Energy Development financing gulped N119.83 million while N83.33 million financing was provided for the Nigeria-Morocco pipeline.

In December, NAPIMS had disclosed that it spent a total of N20.23bn on these projects, with N8.33bn spent on the rehabilitation of the country’s refineries; N4.19bn and N3.17 bn spent on National Domestic Gas Devt.; Gas Infrastructure Devt. respectively; while N2.47 bn and N2.08 bn were spent on pre-export financing and Frontier Exploration Services respectively.

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Source: Vanguard

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