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Refineries rehabilitation, others drain 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.

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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.

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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.

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