NNPC loses N267bn in one year

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The Nigerian National Petroleum Corporation, NNPC, Wednesday, announced a loss of N267.138 billion in its financials for the year 2015.

The loss was higher than the N257.38 billion allocated to the Ministry of Health for both recurrent and capital expenditure in the 2016 budget of the Federal Government; higher than the N134.57 billion and N37 billion capital allocations to the Ministry of Defence and the Ministry of Education respectively.

The loss by the NNPC was also higher that the N115 billion and N70 billion allocated to the National Assembly and the National Judicial Council respectively, in the 2016 budget.

The NNPC, in its ‘Monthly Financial and Operations Report for December 2015’ released in Abuja, also declared a loss of N11.861 billion in the month of December 2015, compared to a loss of N14.29 billion recorded in November 2015.
Analysis of the figures revealed that the NNPC grossed N2.046 trillion in revenue while it recorded expenses of N2.313 trillion, leaving a loss of N267.138 billion for the 2015 financial year.

Corporate Headquarters recorded the highest deficit, posting a loss of N162.736 billion, while Corporate Service Units posted a deficit of N18.8 billion.

The woeful performance of the refineries continued throughout the year, as the three refineries posted a combined loss of N82.09 billion in the year 2015. Specifically, Kaduna Refinery and Petrochemical Company, KRPC, recorded a loss of N34.7 billion in the year under review, while Warri Refinery and Petrochemical Company, WRPC and Port Harcourt Refining Company posted losses of N24.308 billion and N23.09 billion respectively.

The Pipelines and Product Marketing Company, PPMC, followed with a loss of N62.06 billion, while the National Engineering Technical Company, NETCO, lost N744 million.

However, it was not all gloom, as the Nigerian Petroleum Development Company, NPDC and the Nigerian Gas Company, NGC, recorded profits of N16.908 billion and N34.9 billion respectively, while Integrated Data Services Limited, IDSL and NNPC Retail posted profit of N2.428 billion and N5.05 billion respectively.

For the month of December, the NNPC recorded a revenue N184.399 billion, representing an appreciation of 18.9 per cent from N155.102 billion recorded in the month of November, while expenses also grew by 15.9 per cent N196.26 billion compared to N169.391 billion recorded in November.

The report further stated that the NNPC paid N1.095 trillion to the Federation Account Allocation Committee, FAAC, from January to December 2015, while it lifted 245 million barrels of crude oil on behalf of the Federal Government of Nigeria, out of a total of 706 million barrels of crude oil fiscalised from January to November 2015.

The NNPC also declared that a total of 254 billion cubic feet of gas was sent to power stations across the country in 2015, with an average power generating capacity of 2,957 megawatts of electricity from gas-fired power plants.

In addition, it noted that a total of 7.5 billion litres of Premium Motor Spirit, PMS, also known as petrol was supplied to the country by the NNPC and the PPMC in 2015.
The NNPC disclosed that it is driving a fundamental change in its performance to reduce cost and increase revenue in its operations, thereby, achieving profitability.

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