Business
Report shows NNPC lost N419bn in 21 months
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.”
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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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Roland Uchendu Pele
December 22, 2016 at 8:39 am
A money you did not get in the first place, you will say you lost it. How na?
yanju omotodun
December 22, 2016 at 4:48 pm
who told you they didn’t generate anything, in spite of the militancy activities , they generate a lot, they shouldn’t hide under that to steal money. Ibe Kachukwu should be held responsible.
seyi jelili
December 22, 2016 at 8:52 am
Definitely we will lose more than that except the Niger Delta militants stop their heinous activities.
JOHNSON PETER
December 22, 2016 at 1:09 pm
the federal government should play their parts too by addressing the needs of the militants so that peace can reign.
Amaka Okoro
December 23, 2016 at 2:02 am
Good.. now you are talking. With this peace will reign because their voice has been heard
Animashaun Ayodeji
December 22, 2016 at 10:52 am
This is expected. When a company is under-performing, no one can stop it from loosing.
Margret Dickson
December 22, 2016 at 10:53 am
I fault Buhari for this, he has refused to use his presidential authorities to stop the Niger/Delta militants from causing destruction.
Emmanuel Alayegbami
December 22, 2016 at 1:11 pm
so you want him to declare war on them or how? buhari should not try that at all so matter won’t get worst.
Amarachi Okoye
December 23, 2016 at 1:57 am
Who is talking about war. Buhari should meet to their demands and all this Niger Delta crisis will stop