by Toluwanimi Onakoya

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“Atiku was right!” A large number of Nigerians on social media have begun tweeting after documents detailing the Kaduna Refining and Petrochemical Company finances and returns made way to the public.

The Nigerian National Petroleum Corporation (NNPC) operates as an oil company and offers a series of services including gas development, refining, petrochemical distribution, engineering, refinery services and commercial investments. The organisation has been in operation for close to 43 years now, yet it seems it continues to depreciate in value and quality.

Just two months ago, it was announced that the Federal Government would go ahead with its plans to shut down three of the country’s refineries due to their inability to function at optimal capacity despite loads of money being invested into the system. The just-released financial report corroborates this and goes further to show that the decadence goes deeper than many assumed, with the establishment making very little profit in various states.

The audited statements reveal figures of the 2018 Financial Year, and it quite shockingly unveils that the Kaduna Refinery made zero (0) revenue in  but incurred a total cost of N64 Billion. Thus raising agitated conversations amongst Nigerians on the viability of the oil company as a whole.

Atiku and his friends would finish NNPC abi? Look at a company quoting a N64bn loss and you want that company running..

The Minister of Petroleum has a lot of explaining to do here..

Oh I apologises he is media shy I totally forgot.

We move… pic.twitter.com/Zy3TTnrEE5

— Raymond (@IamTheIroko) June 14, 2020

Former Vice President and Presidential Candidate of the People’s Democratic Party (PDP) in the 2019 elections, Atiku Abubakar, had during his campaign revealed his plans to privatise the NNPC, drawing mixed reactions from Nigerians at the time. However, the release of this financial report is causing many to look back and laud Atiku as being accurate with his plans. Some have criticised those insulted who opposed Atiku when he made the propositions, claiming that he had made an intelligent proposal all along.

When Atiku said he was going to Privatise NNPC..
Shey they gathered and decided to burn him like a witch at the stakes..
We behave like we en-mass do not have small sense…

— Anthony Ehilebo (@AnthonyEhilebo) June 15, 2020

How on earth will an organisation that has continued to record losses back to back over the years still running!?

When the issue of privatising NNPC came up, people kicked against it now see how we are sinking money into a non profit organisation when we have a lot to do ? pic.twitter.com/53KgoO0XDu

— Call him Cross ➕ (@PeterCross001) June 15, 2020

 

There were those that still remained firm in declaring that they do not believe in the privatisation of these refineries. They padded their stance saying private companies are just as corrupt and instead people in authority should be held accountable.

You think selling NNPC to corrupt private companies that will still pay bribes to your politicians is the answer
Instead of holding your govt. Accountable and cutting off their heads

— starlight express (@vinegar_thunder) June 15, 2020

The financial figures drew so much concern from many as it is clearly depicted that there is a huge problem in the system and some even vehemently called for it to be shut down altogether.

Banter aside, it is a very good thing that we are getting to see NNPC's financial statements. I hope Nigerians will read it and see why the place needs to be shut down. No sentiments. Shut it down.

— Mitchell Obama (@Ambrosia_Ijebu) June 14, 2020

That Kaduna Refinery financial spoilt my day. I’m still here thinking about it.

— Oluyomi Ojo (@OluyomiOjo) June 14, 2020

 

The large consensus seems to be that the NNPC and its subsidiaries are sinking money at a rate the country can’t afford and quick steps to produce a reformation needs to be made as these patterns paint a very worrisome future for the country’s economic development.