NNPC records N267bn loss in 2015

The Nigerian National Petroleum Corporation (NNPC) in its monthly operational and fiĀ­nancial report has indicated that it posted a N267.138 billion loss in 2015.
The report which was released last night also showed that all the three refineries made a combined loss of N82billion during the period.

This is contained in the corporation's Monthly Financial and Operation Report released on Wednesday in
Abuja.

It said that it lost N11.86 billion in December, 2015, a loss less than N14.29 billion deficit it recorded in November.

 Further details showed that the corporation earned over N2.046 trillion in revenue but then spent over N2.313 trillion in its operations, leaving it with a deficit of N267.138 billion for the financial year that ended.

NNPC's product supply and distribution subsidiary, the Pipelines and Products Marketing Company (PPMC) posted a loss figure of N62billion.
But the report was not all gloom as four of its subsidiaries, the NNPC Retail, Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and the Nigerian Gas Company (NGC) made profits of N5billion, N16billion, N2billion and N34billion respectively.

However, seven other subsidiaries made losses with the Corporate Headquarters recording the highest loss of N162.736billion.

The report also showed that NNPC paid N1.095trillion to the Federation Account Allocation Committee (FAAC) from what it realised from the sale of 245 million barrels of fiscalised crude oil it lifted on behalf of the Federal Government.
The corporation's 2015 year to date financial report also showed that it almost posted losses every other month of the year

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