A shocking revelation has emerged about Nigeria’s refineries, which have spent a staggering N127 billion on salaries and employee benefits over the past two years without producing a single barrel of oil or generating any revenue.
This alarming situation raises serious concerns about the operational efficiency and management of the refineries, which have failed to deliver on their core mandate despite significant expenditure on personnel costs.
A closer look at the numbers reveals that the Port Harcourt refinery has an astonishing 88.2% of its staff classified as senior or management personnel, suggesting that employee costs may be a major contributor to the refineries’ financial woes.
The crisis facing Nigerian refineries underscores the urgent need for comprehensive reform and improved management to ensure their viability and efficiency. It is imperative that the government takes decisive action to address this situation and restore the refineries to optimal functionality.