The monthly oil and gas operational report of the Nigerian National Petroleum Corporation (NNPC) for 2015 has shown that the corporation posted a cumulative operational loss of N267.138 billion last year.
Details in the summarised report, which was released by the corporation last night in Abuja, showed that the NNPC earned over N2.046 trillion in revenue but spent over N2.313 trillion in its operations, leaving it with a deficit of N267.138 billion.
While four of its subsidiaries — the NNPC Retail, Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and the Nigerian Gas Company (NGC) —made profits of N5 billion, N16 billion, N2 billion and N34 billion respectively, its seven other subsidiaries made losses with the Corporate Headquarters recording the highest loss of N162.736 billion.
NNPC’s product supply and distribution arm, the Pipelines and Products Marketing Company (PPMC), posted a loss of N62 billion, and all the three refineries made a combined loss of N82 billion in the year under consideration.
The corporation noted in the report that it paid N1.095 trillion to the Federation Account Allocation Committee (FAAC) from what it realised from the sale of 245 million barrels of focalised crude oil it lifted on behalf of the federal government.
The corporation’s 2015 year-to-date financial report also showed that it almost posted losses every other month of the year. It explained that with about 254 billion cubic feet of gas it sent to the country’s power sector, generation from gas-fired plants averaged a daily volume of 2957 megawatts from the gas powered plants.
Also, petrol supplied by the corporation for the year was put at 7.5 billion litres.