Abuja - Over N287.4bn loss is being recorded yearly by the Nigerian National Petroleum Corporation from the operations of its subsidiaries across the country, Punch reports.
The corporation is losing about N250bn yearly as a result of the inefficiencies of the Pipelines and Product Marketing Company alone, which is one of its subsidiaries, according to figures made available by the national oil company.
Also read: NNPC begins process of recovering $9.6bn owed Nigeria
The PPMC’s N250bn loss accounts for about 87 per cent of the corporation’s aggregate loss by implication.
Investigations revealed that aside the huge losses coming from the PPMC, the refineries and contractual arrangements, among other problem areas, were responsible for the remaining 13 per cent of the losses made by the corporation.
The Group Managing Director of the NNPC, Dr. Ibe Kachikwu, said that an average of $150m is being saved monthly due to the cancellation of some contracts.
Read more at Punch
- News 24