Critics say the humongous losses, which epitomises the level of rot and decay in the four refineries, counters the logic in the federal government’s avowed commitment to sink more public funds in their rehabilitation before selling them to private investors.
Both the Minister of State for Petroleum Resources, Timipreye Sylva, and the Group Managing Director of the NNPC, Mele Kyari, have spoken variously about the government’s plan to rehabilitate the four refineries before considering privatisation.
But, the total comprehensive loss for 2018 was about N64.3 billion, as against N111.9 billion in the previous year, total equity loss put at about N423.4 billion, up from N359.2 billion in 2017. The expenses also include staff training expenses N447.8 million and N340.2 million in 2017; local and international travels N662.2 million and N783.3 million in 2017, and employee benefits N13.9 billion, down from N13.5 billion in 2017; depreciation of property plant and equipment N106.3million in 2018 and N128.9 million in 2017, and allowance for obsolete equipment N183.8 million down from N4.4 billion in 2017.
The components of the direct cost, which stood at about N24.7 billion in 2018 as against N92.6 billion in 2017, including employee benefits; administrative expenses; asset under construction written off and consultancy fees. Although the payments excluded pension contributions and other benefits, the directors also received other emoluments totalling about N109.8 million in 2018 and N242.9 million in 2017.
Non-current liabilities included Corporate Headquarters funding of N372.5 billion in 2018 and N330.3 billion in 2017; retirement benefits N10.3 billion for defined contribution plans and N12.4 billion for defined benefit plans for 2018 and 2017 respectively. On turnover, N2.5 billion was realized in 2014; N683.5 million in 2015; N3.4 billion in 2016; N4.8 billion in 2017 and N1.5 billion in 2018.
Although the statement showed the company had as revenue N1.99 billion in 2018 and N1.3 billion in 2017, the cost of sales gulped about N12.7 billion in 2018 and N14.5 billion in 2017, with total operating loss at N45.4 billion in 2018 and N85.1 billion in 2017.
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