NNPC lost N418.97 billion in 21 months – NEITI report

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The Nigerian Extractive Industries Transparency Initiative (NEITI), has stated in a report that the group operations of the Nigerian National Petroleum Corporation (NNPC) recorded a cumulative loss of N418.97 billion in 21 months between January 2015 and September 2016, Premium Times reports.

In the report, the agency said its review of the NNPC’s monthly financial and operational reports show that the national oil company earned marginal profits in only two months during the period under review. A review of the losses revealed volatility in the pattern in which its expenditure consistently outstripped revenues, with the difference varying from N3.55 billion in January 2016 to N45.49 billion in September 2015.

The analysis was contained in the maiden issue of the NEITI Occasional Paper Series, published jointly with BudgIT, a technology-driven, civic-advocacy group on budget and public finance issues. Major highlights of the report included a drop by about 27.2 per cent of Nigeria’s crude oil production between January 2015 and September 2016.