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 146.617bn, 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.
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.
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