Nigeria spent more than 11.35 trillion naira ($25 billion) in the last ten years repairing its three inoperable refineries, according to a report from the departing parliament, which demanded a thorough assessment of the situation.
The lower chamber of parliament reported late on Tuesday that the refineries were only operating at less than 30% of their potential despite the enormous sums spent on their rehabilitation. As a result, the nation is still dependent on imported petroleum, which it subsidizes to keep costs low.
The news broke after the government-owned oil company NNPC Ltd raised gasoline prices on Wednesday from 189 naira to as much as 557 naira ($1.21) per litre, only days after the new president, Bola Tinubu, announced the elimination of fuel subsidies.
The refineries have been getting a makeover from NNPC, which were shut down entirely in 2021 and produced little or no fuel over the past decade.