The Nigerian National Petroleum Corporation, NNPC, has announced a loss of N378.49 billion in its operations for the first eight months of the year.
One of NNPC’s subsidiaries, the Products and Pipeline Marketing Company Limited, PPMC, accounted for majority of the losses, as it spent over N300 billion on subsidy and in the repairs and management of its pipelines between January and August.
In the figures presented by NNPC’s Monthly Financial and Operations Report for August, obtained over the weekend, NNPC posted a loss of N60.669 billion and N51.714 billion for the months of July and August, respectively.
The loss resulted from expenses being higher than its revenue in the period under review.
Specifically, NNPC recorded a total revenue of N1.17 trillion, lower than an expenditure of N1.55 trillion, leaving a deficit of N378.49 billion.
Post a Comment