The Nigerian National Petroleum Company Limited (NNPCL) provided about N220.5 billion in loans to its three refineries in 2025 to support maintenance activities, tax payments and other related obligations.
The figure was disclosed in the company’s 2025 Audited Financial Statements.
The Kaduna Refining and Petrochemical Company (KRPC) received N77.6 billion, while the Port Harcourt Refining Company (PHRC) and Warri Refining and Petrochemical Company (WRPC) received N2.6 billion and N113.3 billion respectively.
According to the financial report, the loans were mainly linked to the companies’ Quick Fix Maintenance projects.
NNPCL said N133.5 billion was made available to KRPC to settle invoices and tax obligations connected with the maintenance programme, while N56 billion of the facility remained undrawn at the end of the reporting period.
For WRPC, N104.8 billion was disbursed to cover tax payments associated with its Quick Fix Maintenance project. The company also disclosed that part of the approved facility remained unused as of December 2025.
PHRC, meanwhile, received N2.6 billion to settle outstanding payments to NNPC Engineering and Technical Company (NETCO) and Egypt-based Egyptian Projects Operation and Maintenance (EPROM) under a nine-month operations and maintenance contract for the Area 5 plant.
The refinery financing comes as NNPCL continues efforts to restore and improve the operations of its three major refineries.
In 2025, the company signed agreements with Chinese firms Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd for possible technical equity partnerships involving the Port Harcourt and Warri refineries.
The financial statement said the proposed arrangements are expected to provide technical and engineering support, improve refinery operations, reduce losses and increase domestic petroleum product supply.
However, NNPCL said the proposed partnerships were still undergoing negotiations, technical assessments and due diligence as of the date the financial statements were authorised. Definitive agreements had also not been concluded, meaning their financial impact could not yet be reliably determined.
Beyond the refineries, NNPCL disclosed other significant intercompany financing arrangements.
The company said NNPC Energy Services Limited (Enserv) had a total loan balance of N211.6 billion, linked to the Keana drilling campaign, Chad Basin re-entry and other 3D seismic acquisition activities.
Another N473.8 billion facility was granted to NNPC Gas Infrastructure Company Limited to support cash-call commitments for the Nigeria-Morocco Gas Pipeline, equity injection into the African Gas Pipeline Company and financing for the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project.
NNPCL also reported that N25.7 billion in interest was outstanding as of December 31, 2025, while N14.4 billion of the facility remained undrawn.
The oil company also reported that receivables owed by the Federal Government stood at about N11.2 trillion.
NNPCL said the amount represents outstanding payments due from the Federal Government and has been assessed under the International Financial Reporting Standard 9 expected credit loss framework.
The receivables remained classified under Stage 1 in the company’s assessment.
The financial statements further noted that President Bola Ahmed Tinubu’s February 18, 2026 Executive Order 9 on safeguarding federation oil and gas revenues and providing regulatory clarity could have financial implications for NNPCL.
However, the company said the full financial effect had not been established when the accounts were authorised, so no adjustment was made to the 2025 financial statements.
The company also said the financial implications of the proposed agreements with the Chinese engineering firms could change as negotiations and technical evaluations progress.
