NNPC HQ posted zero revenue in October

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The corporate headquarters of the Nigerian National Petroleum Corporation (NNPC) did not generate any revenue in October 2016 and failed to contribute any amount to the group purse for the month, The Punch reports.

The latest monthly NNPC Group Financial Report obtained in Abuja on Friday showed that the national oil firm’s headquarters posted zero revenue in the review month, incurred an expense of N14.84bn and recorded a total deficit of N14.84bn.

A further analysis of the report, however, showed that the NNPC as a group reduced its total losses from N17.18bn in September to N16.85bn in October, while its deficit for the 10-month period beginning from January this year was put at N161.76bn.

The national oil firm stated that it had been operating in a challenging environment which limited its aspiration to make profit. It explained that the marginal improvement in its trading deficit between September and October was due to improved petroleum products sales and enhanced cost control across the group.