Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


NNPC loses N120bn in two months

02 November 2015, 14:05

Abuja - The Nigerian National Petroleum Corporation incurred a total loss of N120.07bn in the months of August and September, the latest NNPC Group financial report has shown.

According to the report, the corporation incurred losses of N60.67bn and N59.4bn in August and September, respectively.

It specifically stated that the national oil firm’s revenue in August was N146.617bn, while its expenses were put at N207.287bn.

In September, the corporation’s total expenses were N171.914bn, while its revenue for the same month was N112.514bn.

An analysis of the report showed that the Pipelines and Products Marketing Company, a subsidiary of the NNPC, incurred the highest amount of losses in the two months under review.

The report noted that the losses were incurred before subsidy, stating that the PPMC recorded a loss of N34.275bn in August and N57.677bn in September.

Also read: NNPC to deploy drones to fight theft

It also showed that all government-owned refineries managed by the NNPC were still not making profit, despite claims that the facilities had started producing refined products for public consumption.

In August, the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company made a total loss of N6.575bn, while they recorded a loss of N11.381bn in September.

The capacity utilisation of the WRPC and KPRC in September 2015, according to the report, was zero per cent, as both plants processed no crude oil in the month.

The report, however, noted that the capacity utilisation of the PHRC was 4.15 per cent as the facility processed 35,648 metric tonnes of crude oil.

The Group Managing Director, NNPC, Dr. Ibe Kachikwu, had stated during his screening as a minister by the Senate recently that non-performing refineries would be shut down at the expiration of a 90-day performance deadline given them by the oil firm.

- News 24

Tags nnpc nigeria

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...