The group financial and operations losses of the Nigerian National Petroleum Corporation (NNPC) increased by 1,556.1 per cent from October to November 2017, The Punch reports.
Findings showed that the corporation’s losses had dropped from N2.81bn in September 2017 to N400m in October. But this could not be sustained as the oil firm’s deficit rose to a high of N6.79bn in November last year.
The NNPC, in its November 2017 report, stated that the drop in performance was due to reduced revenue in the downstream value chain as well as the shutdown of two of its refineries. The refineries are the Kaduna Refining and Petrochemical Company and the Port Harcourt Refining Company.
The oil firm said, “The November 2017 report indicated a trading deficit of N6.79bn, which is comparatively higher than the previous month’s deficit of N0.41bn. This represents N6.39bn increase in trading deficit compared to the October 2017 performance.”
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