The Nigerian National Petroleum Corporation record loses in the region of N551.46b from January 2015 to December 2018. Nigeria NNPC
The Nigerian National Petroleum Corporation recorded loses in the region of N551.46b from January 2015 to December 2018.
Though the firm recorded a trade surplus of N80.57b last year, operating deficit recorded by the nation’s refineries alone rose sharply by 39 per cent to N132.5b in 2018.While the corporation earned N2.046t in revenue in 2015, it spent N2.313t leaving a loss of N267.138b. Its corporate headquarters recorded the highest loss of N162.736b, while its product supply and distribution arm, the Pipelines and Products Marketing Company came second with N162.06b loss, followed by a combined loss of N82.
Most stakeholders, who expressed worry over the situation, said the losses galore would continue without holistic reforms in the nation’s oil sector. Ajibola said: “If they continue like that, the deficits will continue to grow. But if the reverse happens, then surplus will be generated.” The former President, Nigerian Association of Petroleum Explorationists , Abiodun Adesanya, who said the development has remained a critical one even from previous administrations called for a system that would enshrine transparency and accountability.
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