The group operations of the Nigerian National Petroleum Corporation (NNPC), recorded a cumulative loss of N411.1 billion in 21 months.
A report which emanated from the Nigerian Extractive Industries Transparency Initiative (NEITI), said the loss was between January 2015 and September 2016.
The report which was an analyses of the NNPC monthly financial and operational reports conducted by NEITI and technology-driven, civic-advocacy group on budget and public finance issues, BudgIT, shows that the national oil company got marginal profits in only two months during the period under review
The report said, “Apart from January 2015 when the group made a profit of N7.6 billion, it also realised N0.27 billion as profit in May 2016, with total profit in 21 months coming to N7.87 billion, as against the loss of N418.97 billion, with total loss coming to N411.1 billion.”
The NEITI report entitled, ‘Review of NNPC’s Monthly Financial and Operations Reports’ covered a 21-month period between January 2015 and September 2016 using joint publication analyses data publicly disclosed by NNPC.
NEITI and its partner, in analysing the Monthly Financial and Operations Reports, said the crude oil production varied during the period under review, from 69.49 million barrels, the highest monthly production, recorded in October 2015, to 46.56 million barrels, the lowest recorded in August 2016.
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