Refineries' Rehab, Oil Search, Pipeline, Others Gulp N21bn — NAPIMS

The National Petroleum Investment Management Services (NAPIMS) a subsidiary of the Nigerian National Petroleum Corporation (NNPC) said it has 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.

The report, released in January 2021, detailed the following; rehabilitation of the refineries gulped N8.33 billion; pre-export financing received N5 billion; National Domestic Gas Development – N3.17 billion; and Gas Infrastructure Development - N2.39 billion.

It also 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.

During the February 2020 presentation to the Federation Account Allocation Committee, FAAC, NAPIMS also noted 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.