NNPC Paid N933.1bn To Federation Account, Lost $607m

 

NNPC paid N933.1bn to Federation Account, lost $607m

FROM DENNIS MERNYI, ABUJA

The Nigerian National Petro­leum Corporation, NNPC, disclosed that it had paid the sum of N933.1bn into the Federation Account and lost about $607million by end of November 2015.

The Corporation also recorded a loss of N14.3 billion in the month of November 2015, according to figures published in its latest monthly report on operational and financial dealings.

The NNPC’s operating revenue after subsidy for the months of October and November 2015 were N173.56 billion and N155.10 billion, respectively, ac­counting for the November loss.

This represents 56.72 percent and 50.68 percent, respectively, of the Cor­poration’s monthly budget.

The report also shows that the Cor­poration incurred operating deficits of N12.22 billion and N14.29 billion in the months of October and Novem­ber 2015, respectively, as against the monthly budgeted surplus of N38.91 billion.

It further stated that the country’s refineries in Warri, Port Harcourt and Kaduna operated at zero capacity utili­zation in the month of November.

A further analysis of the report in­dicates that the 59.63 percent year-to-date (YTD) deficit of N255.278 billion is mainly accounted for by claimable pipeline repairs as well as a manage­ment cost of N95.37 billion and crude and product losses of N56.68 billion from the incessant vandalism of petro­leum pipelines.

The company said its total export proceed of $402.55 million was record­ed in November 2015, with proceeds from crude oil export sales amounting to $296.99 million or 73.78 percent of the dollar payment compared with 72.97 percent contribution in the previ­ous month of October.

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