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Nairaland Forum / Nairaland / General / Politics / NNPC Records N378bn Loss In 8 Months (14144 Views)
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Re: NNPC Records N378bn Loss In 8 Months by Dannyset(m): 9:33am On Oct 12, 2015 |
TonyeBarcanista: I think it's not that Nigerians don't know what they want, most of us don't really understand some of these things. It takes logical reasoning to explain to a layman that already believed govt is suffering them, to understand all these. When you tell them we need to sell for a proper production, then noise is the next thing you hear. That is why Education and Awareness is important. 3 Likes |
Re: NNPC Records N378bn Loss In 8 Months by tosyne2much(m): 9:33am On Oct 12, 2015 |
obailala:I always like to quote intelligent people Nice one bro |
Re: NNPC Records N378bn Loss In 8 Months by tosyne2much(m): 9:35am On Oct 12, 2015 |
TonyeBarcanista:Brother Barcanista |
Re: NNPC Records N378bn Loss In 8 Months by baralatie(m): 9:41am On Oct 12, 2015 |
TonyeBarcanista:God Bless Nigeria! |
Re: NNPC Records N378bn Loss In 8 Months by omonnakoda: 9:43am On Oct 12, 2015 |
CyberWolf:Your cancerous mother is a fool.Certainly her foolishness will lead her to a painful death. She will die like a pig in an open field |
Re: NNPC Records N378bn Loss In 8 Months by CyberWolf: 9:47am On Oct 12, 2015 |
omonnakoda:Odeme |
Re: NNPC Records N378bn Loss In 8 Months by 400billionman: 9:49am On Oct 12, 2015 |
onatisi: Yeah, and it was rumoured that Dangote wanted buying them. It is even riskier selling them now because the owner will have a run for his money from Dangote refineries come 2017.. |
Re: NNPC Records N378bn Loss In 8 Months by 989900: 10:05am On Oct 12, 2015 |
More info is needed to pass comments. What were the expenses for (from January-August)? |
Re: NNPC Records N378bn Loss In 8 Months by JBL316: 10:21am On Oct 12, 2015 |
Somebody shuld be fired with anti-aircaraft gun imported from North Korea for this cow dung! |
Re: NNPC Records N378bn Loss In 8 Months by Andrea042(m): 10:30am On Oct 12, 2015 |
[den do something about it to make it increase. Enough of stories ]The Nigerian National Petroleum Corporation, NNPC, has announced a loss of N378.49 billion in its operations for the first eight months of the year. Ibe KachikwuOne of NNPC’s subsidiaries, the Products and Pipeline Marketing Company Limited, PPMC, accounted for majority of the losses, as it spent over N300 billion on subsidy and in the repairs and management of its pipelines between January and August. In the figures presented by NNPC’s Monthly Financial and Operations Report for August, obtained over the weekend, NNPC posted a loss of N60.669 billion and N51.714 billion for the months of July and August, respectively. The loss resulted from expenses being higher than its revenue in the period under review. Specifically, NNPC recorded a total revenue of N1.17 trillion, lower than an expenditure of N1.55 trillion, leaving a deficit of N378.49 billion. In the month of July, NNPC recorded revenue of N149.198 billion and expenses of N200.126 billion, while in August, the group posted N146.617 billion revenue and expenses of N207.287 billion. Refineries’ loss The heavy losses were as a result of the lacklustre financial performance of majority of the NNPC subsidiaries in the eight-month period, especially the refineries and retail subsidiaries. Particularly, Kaduna, Port Harcourt and Warri refineries companies posted a combined loss of N48.92 billion, while NNPC Retail and PPMC recorded a combined loss of N275.16 billion. Further analysis of the operation of strategic business units showed that Kaduna Refinery and Petrochemical Company Limited posted a loss of N21.90 billion; Port Harcourt Refining Company recorded a loss of N15.1 billion, while Warri Refinery and Petrochemical Company lost N12.62 billion. NNPC Retail posted a loss of N3.679 billion, while the PPMC recorded N278.837 billion loss. On the other hand, Nigerian Petroleum Development Company, NPDC; Integrated Data Services Limited, IDSL; Nigeria Engineering and Technical Company Limited, NETCO and Nigerian Gas Company, NGC, posted profits of N50.995 billion, N2.934 billion, N544 million and N19.239 billion, respectively. In its explanations, NNPC stated that 73 percent year-to-date NNPC deficit of N378 billion was accounted for by the PPMC deficit of N278 billion. It disclosed that PPMC deficit mainly comprised claimable subsidy of N231 billion, which represented 82 percent of the subsidiaries’ deficit and its claimable pipeline repairs/management cost of N69 billion and also crude product losses of N45 billion due to vandalized pipelines. NNPC further stated that N723.82 billion for domestic crude oil and gas sales proceeds was paid to the Federation Account from January to August. Revenue from oil, gas It also stated that from January to July, a total volume of 439 million barrels of crude oil and condensate were lifted by all parties. The report said: “Total US dollar payment to the Federation from sales of export crude oil, gas and NLNG feedstock for the month of August was $225.7 million. “Crude oil export sales contributed $108.9 million, that is 48 percent of the dollar payment, compared with 76 percent contribution in previous month of July, while export gas sales and NLNG feedstock accounted for $99.65 million, that is 44 percent contribution compared with 23.7 percent contribution in the prior month of July. “The remaining $16.8 million was attributable to other dollar denominated receipts by the corporation. A total of $607.8 million has been paid so far to FAAC this year from sales of export oil and gas.” http://www.vanguardngr.com/2015/10/nnpc-records-n378bn-loss-in-8-months/ cc : lalasticlala ishilove[/quote] |
Re: NNPC Records N378bn Loss In 8 Months by sunnyb0b0(m): 10:51am On Oct 12, 2015 |
omonnakoda: No need to pontificate or adumbrate. Those refineries should be sold as scrap. |
Re: NNPC Records N378bn Loss In 8 Months by Whynotthetruth(m): 10:53am On Oct 12, 2015 |
obailala: Stop being ignorant ...This report has been the status quo for long with NNPC ...Kachikwu only choose to publish it now for the public and also update the records for 2015 which is the only one not yet done... That NOI choose to publish what accrued to states and federal government under Jonathan to the public does not mean that FAAC started under Jonathan ... 1 Like |
Re: NNPC Records N378bn Loss In 8 Months by omonnakoda: 10:57am On Oct 12, 2015 |
sunnyb0b0:hello My Sunny!! How is your Ferrari? Are you still living large? |
Re: NNPC Records N378bn Loss In 8 Months by sunnyb0b0(m): 11:01am On Oct 12, 2015 |
omonnakoda: I don't own a Ferrari. Mistaken identity I guess |
Re: NNPC Records N378bn Loss In 8 Months by omonnakoda: 11:03am On Oct 12, 2015 |
sunnyb0b0:Are you not the same Sunny who boasts about how you live large and hang out will Bill Gates sipping Courvoisier for breakfast |
Re: NNPC Records N378bn Loss In 8 Months by omonnakoda: 11:11am On Oct 12, 2015 |
Sunnybobo3:
|
Re: NNPC Records N378bn Loss In 8 Months by omonnakoda: 11:12am On Oct 12, 2015 |
So who was that idioot that posted the picture of Value Cola on a dirty worktop in a Social Housing kitchen I wonder!! |
Re: NNPC Records N378bn Loss In 8 Months by Ademat7(m): 11:28am On Oct 12, 2015 |
onatisi:privatization is the excuse of a nonperforming government,quote me anywhere; it a way foreign nations take advantage of developing nations by owning d largest share n giving scholarship to few student. last bullet: tax is not d route to be great but our judicious use of resources which is d wealth God gave to us |
Re: NNPC Records N378bn Loss In 8 Months by TonyeBarcanista(m): 11:52am On Oct 12, 2015 |
Dannyset:Well, I agree with you. That's why I've taken it a duty to breakdown these things in layman language. |
Re: NNPC Records N378bn Loss In 8 Months by TonyeBarcanista(m): 11:56am On Oct 12, 2015 |
tosyne2much:My boss my boss! Good morning |
Re: NNPC Records N378bn Loss In 8 Months by TonyeBarcanista(m): 11:58am On Oct 12, 2015 |
baralatie:God Bless You too |
Re: NNPC Records N378bn Loss In 8 Months by mickeymimi: 12:03pm On Oct 12, 2015 |
Nigeria cannot continue to depend solely on oil money. We need to start tapping into other resources ,learn how to utilize them to benefit the country. |
Re: NNPC Records N378bn Loss In 8 Months by Dannyset(m): 12:03pm On Oct 12, 2015 |
TonyeBarcanista: Will Iya Sikira and Taju the Vulcanizer or Chukwudi in Alaba Mkt, or Musa the Okadaman, even read this not to talk of understanding it? Mind you they are they ones that will shout the most oo! Can you blame them? No. |
Re: NNPC Records N378bn Loss In 8 Months by sunnyb0b0(m): 1:08pm On Oct 12, 2015 |
omonnakoda: Not me but I do live large though |
Re: NNPC Records N378bn Loss In 8 Months by Sunnybobo3(m): 1:20pm On Oct 12, 2015 |
[quote author=omonnakoda post=38905525][/quote] How may I help you omo? |
Re: NNPC Records N378bn Loss In 8 Months by omonnakoda: 1:21pm On Oct 12, 2015 |
sunnyb0b0:There can't be more than one fake eediott called Sunnybobo,surely God is not that cruel |
Re: NNPC Records N378bn Loss In 8 Months by atlwireles: 1:26pm On Oct 12, 2015 |
Take this loses and multiply them by 40 years. NNPC has been a money loser since creation. I have to give NNPC credit for providing the public numbers that were known in the industry for many many years. NNPC is no different from Nitel, NEPA and Nigeria airways. Huge government businesses, that never found a way to ever make money. 1 Like |
Re: NNPC Records N378bn Loss In 8 Months by aristosoft(m): 2:40pm On Oct 12, 2015 |
TonyeBarcanista: You are right but the utmost truth is that everyone wants to take advantage of every situation to rip the state off. So, it's no longer a question of what's best but exploring it to personal gains. |
Re: NNPC Records N378bn Loss In 8 Months by stanekha(m): 3:39pm On Oct 12, 2015 |
[quote author=donfemzy post=38896391]The Nigerian National Petroleum Corporation, NNPC, has announced a loss of N378.49 billion in its operations for the first eight months of the year. Ibe KachikwuOne of NNPC’s subsidiaries, the Products and Pipeline Marketing Company Limited, PPMC, accounted for majority of the losses, as it spent over N300 billion on subsidy and in the repairs and management of its pipelines between January and August. In the figures presented by NNPC’s Monthly Financial and Operations Report for August, obtained over the weekend, NNPC posted a loss of N60.669 billion and N51.714 billion for the months of July and August, respectively. The loss resulted from expenses being higher than its revenue in the period under review. Specifically, NNPC recorded a total revenue of N1.17 trillion, lower than an expenditure of N1.55 trillion, leaving a deficit of N378.49 billion. In the month of July, NNPC recorded revenue of N149.198 billion and expenses of N200.126 billion, while in August, the group posted N146.617 billion revenue and expenses of N207.287 billion. Refineries’ loss The heavy losses were as a result of the lacklustre financial performance of majority of the NNPC subsidiaries in the eight-month period, especially the refineries and retail subsidiaries. Particularly, Kaduna, Port Harcourt and Warri refineries companies posted a combined loss of N48.92 billion, while NNPC Retail and PPMC recorded a combined loss of N275.16 billion. Further analysis of the operation of strategic business units showed that Kaduna Refinery and Petrochemical Company Limited posted a loss of N21.90 billion; Port Harcourt Refining Company recorded a loss of N15.1 billion, while Warri Refinery and Petrochemical Company lost N12.62 billion. NNPC Retail posted a loss of N3.679 billion, while the PPMC recorded N278.837 billion loss. On the other hand, Nigerian Petroleum Development Company, NPDC; Integrated Data Services Limited, IDSL; Nigeria Engineering and Technical Company Limited, NETCO and Nigerian Gas Company, NGC, posted profits of N50.995 billion, N2.934 billion, N544 million and N19.239 billion, respectively. In its explanations, NNPC stated that 73 percent year-to-date NNPC deficit of N378 billion was accounted for by the PPMC deficit of N278 billion. It disclosed that PPMC deficit mainly comprised claimable subsidy of N231 billion, which represented 82 percent of the subsidiaries’ deficit and its claimable pipeline repairs/management cost of N69 billion and also crude product losses of N45 billion due to vandalized pipelines. NNPC further stated that N723.82 billion for domestic crude oil and gas sales proceeds was paid to the Federation Account from January to August. Revenue from oil, gas It also stated that from January to July, a total volume of 439 million barrels of crude oil and condensate were lifted by all parties. The report said: “Total US dollar payment to the Federation from sales of export crude oil, gas and NLNG feedstock for the month of August was $225.7 million. “Crude oil export sales contributed $108.9 million, that is 48 percent of the dollar payment, compared with 76 percent contribution in previous month of July, while export gas sales and NLNG feedstock accounted for $99.65 million, that is 44 percent contribution compared with 23.7 percent contribution in the prior month of July. “The remaining $16.8 million was attributable to other dollar denominated receipts by the corporation. A total of $607.8 million has been paid so far to FAAC this year from sales of export oil and gas.” http://www.vanguardngr.com/2015/10/nnpc-records-n378bn-loss-in-8-months/ cc : lalasticlala ishilov NNPC paid the sum of $607.8m to Federation Account, somebody will tell me later there's no improvement in this country. Just within how many month Ibe Kachikwu assumed power, he's making money for the country. God bless our Government. |
Re: NNPC Records N378bn Loss In 8 Months by ojialo(m): 5:17pm On Oct 12, 2015 |
prof1990:akwuya, |
Re: NNPC Records N378bn Loss In 8 Months by Akinz0126(m): 5:51pm On Oct 12, 2015 |
If the foundation is faulty what can the righteous do? |
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