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NNPC loses N546b to failure of reforms in three years
Failure by the President Muhammadu Buhari-led administration to reform the oil and gas sector has pushed the Nigerian National Petroleum Corporation (NNPC)’s revenue loss to over N546 billion.
The trend does not only represent the loss of potential revenue for government but also constitutes a major challenge for the 2018 budget expectations and implementation.
In 2015, the corporation lost N267.14billion. The following year, it was set back by N197 billion. And in 2017, data from its financial statements showed N82 billion in operational losses.
Industry experts told The Guardian that besides the absence of reform, NNPC’s self-regulatory and above-the-law modes were partly to blame. They also expressed concern over the leadership tussle between the Minister of State for Petroleum Resources, Ibe Kachikwu, and the NNPC Group Managing Director (GMD), Maikanti Baru.
The Guardian, May 21, 2018
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