Out of a total of 162.425 million
barrels of crude oil allocated to the Nigerian National Petroleum Corporation,
NNPC, for the country’s four refineries in 2014, the refineries only received
25.84 million barrels of crude oil leaving 135.85 million barrels of crude oil,
valued at about N2.62 trillion appropriated for other uses not disclosed by the
NNPC.
The NNPC, in its Annual Statistics
Bulletin for 2014, stated that the refineries were only able to refine 23.36
million barrels of crude oil, meaning that Nigeria’s refining capacity in 2014
dropped to 14.4 per cent from 22 per cent in 2013.