The fund, said NNPC, was used to revamp the moribund refineries in the country, as N8.3 billion was spent every month for the purpose in 2021.
The Federal Executive Council (FEC) had approved the sum of $1.5 billion for the rehabilitation of Port Harcourt refinery in Rivers state.
The approval was announced during the 38th virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.
The Port Harcourt Refining Company (PHRC), Kaduna Refining Production Company (KRPC) and the Warri Refining Production Company (WRPC) are all under NNPC management and they have installed capacity of 445,000 barrels of oil per day.
Mele Kyari, Group managing director of the NNPC, had said that Nigeria’s refineries were shut down because their operations were no longer sustainable.
He further said that to run Kaduna and Warri refineries, for instance, “you need to deliver 170,000 barrel of oil per day so that both will operate at 70 per cent capacity.”
