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The two refineries made revenues of N6.706bn ($15.7m) between 2017 and 2019, but incurred losses totalling N631.907bn. Salaries accounted for N43.25bn, while maintenance of the Kaduna refinery cost N1.6887tn, according to their financial statements released by the NNPC.
The NNPC recently became a commercial venture and limited liability company, but its board and management have remained the same, casting doubts on the minds of oil and gas experts on their capacity to manage the refining outfits efficiently.
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