The monthly financial losses of the Nigerian National Petroleum Corporation since the beginning of this year continued in the month of April, The Punch reports.
Figures from the firm’s latest oil and gas report showed that the NNPC Group lost a total of N39.3bn between January and April 2017. The corporation’s deficit, which stood at N33.99bn in March 2017, increased by N5.3bn to close at N39.3bn in April. Its group financial report by entity, however, showed that the NNPC reduced its losses from the N5.62bn recorded in March to N5.3bn in April.
The Nigerian Pipelines Marketing Company, a subsidiary of the NNPC, and the oil firm’s corporate headquarters posted the biggest losses since the beginning of the year, losing N50.99bn and N47.16bn, respectively. Some other subsidiaries of the NNPC posted profits during the review period, which helped in reducing the group’s consolidated year-to-date loss. An analysis of the report showed that the N15.2bn profit made by the Port Harcourt Refining Company lifted the refineries’ subsidiary out of a loss position.