₦airaland Forum

The latest monthly oil and gas report of the Nigerian National Petroleum Company Limited has revealed that the combined deficit of the headquarters of the NNPC and the three refineries under its management from January to September 2021 is N123.64bn.

Figures contained in the September 2021 report indicated that while the cumulative deficits of the three refineries during the period was N46.52bn, the cooperate headquarters of the oil firm posted a deficit of N77.12bn.

The report, however, stated that the budgeted deficits for the corporate headquarters and the refineries during the nine-month period were N151.12bn and N49.8bn respectively.

The three refineries identified in the report include the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

In the report, the NNPC stated that the deficit posted by its corporate headquarters in September 2021 alone was N5.956bn, down from the N10.226bn recorded in August same year.

The report showed that while the corporate headquarters made a revenue of N11.101bn in September, its expenses were valued at N17.057bn.

For the refineries, the facilities made revenue of N207m in September 2021, while they incurred a cumulative expense of N6.059bn in the same month.

Nigeria’s refineries have been dormant for several years. However, the Federal Government in 2021 approved funds for the rehabilitation of the facilities and promised to get the PHRC running before the end of the current administration.

The September 2021 report released by the NNPC came as motorists still struggled to get Premium Motor Spirit, popularly called petrol, in parts of Abuja and neighbouring Nasarawa and Niger states on Friday.

For about one month now, motorists searching for petrol have continued to besiege the two filling stations, Conoil and Total, in front of the corporate headquarters of the NNPC in Abuja.

The same scenario played out on Friday at the stations and in the few other outlets that dispensed petrol in Abuja and neighbouring states, though the NNPC stated that it had provided hundreds of millions of litres of PMS to address the scarcity.

.https://punchng.com/nnpc-headquarters-refineries-post-n123-64bn-deficit-in-nine-months-report/

Buhari/Osinbajo regime has been the worst, most corrupt and most evil regime in the history of this nation. Can be compared to the evil Hitler of Germany.

May this evil never befall us again.

tito44:
Buhari/Osinbajo regime has been the worst, most corrupt and most evil regime in the history of this nation. Can be compared to the evil Hitler of Germany.

May this evil never befall us again.

What Buhari cannot DESTROY does not exist.

Very terrible regime

Moferere:
What Buhari cannot DESTROY does not exist.

Very terrible regime

The type of open stealing in this administration, even the devil is at shock.

tito44:
The type of open stealing in this administration, even the devil is at shock.

That is what is alarming to me, the way they are oppressing Nigeria and making it look they are doing us favour

Hahahahaa... Isn't dis d same entity that posted profits sometime ago.?

God will punish everyone of them, making life to be unbearable and difficult to breath in this government.



A country that is blessed with everything. And we're suffering?

Nbotee:
Hahahahaa... Isn't dis d same entity that posted profits sometime ago.?

Audio profit, how can any sane person believe this,
A company that is collecting royalties and not Producing but paying salaries, how do you break even not to talk of profit

iwaeda:
Audio profit, how can any sane person believe this,
A company that is collecting royalties and not Producing but paying salaries, how do you break even not to talk of profit

That was the folly of it all na.. We know say na wash wash

Borrowing money to subsidize corruption.

stonemasonn:
Borrowing money to subsidize corruption.

Foolishness of the first order.

Shouldn't the entire NNPC be closed ?

Lalasticlala.

No single working refinery,but bogus salaries are being paid

Deforma

Who is Minister of Petroleum