Connect with us


NNPC reports N104.3bn loss as refineries record zero output



NNPC’s trading deficit soars by 200% to N30.8bn in one

The Nigerian National Petroleum Corporation (NNPC) continues to post operational loss on the three refineries it manages on behalf of the government.

NNPC operates Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

Between February 2020 and February 2021, NNPC reported a loss of N104.3 billion as the country’s refineries refined zero oil, its updated financial statements disclosed.

Read also: NNPC to get new identity within six months of PIB

A breakdown of the financials showed that N9.36 billion loss was recorded in February, N10.3 billion in March, while April and May losses were N9.69 billion and N9.55 billion respectively.

In June, NNPC reported N10.23 billion loss, and N9.1 billion in July, although the figure dropped to N7.1 billion in August, it declined further to N7.04 billion in September.

In the next month, the Nigerian-owned oil company recorded N5.99 billion loss, and N5.49 billion in November, but it ended December with N8.28 billion loss.

The consolidated financials showed that in January 2021, NNPC recorded N5.37 billion loss, and in February, the refined oil distributor reported N6.88 billion loss in February this year.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now