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

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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.

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