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NNPC records N9.53bn operational loss in March

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The Nigerian National Petroleum Corporation has recorded its first operational loss since October 2018.

The corporation yesterday announced a trading deficit of N9.53bn for March 2020, which stood out as the oil firm’s first operational loss since October 2018.

Findings showed that the last time the corporation posted a deficit was in October 2018, when the corporation recorded a cumulative loss of N12.66bn.

The oil firm declared that the over 300 percent decline in March earnings was due to the huge decrease of 181 percent in the Nigerian Petroleum Development Company’s revenue.

The NNPC said it made a total crude oil and gas export sale of $256.19m in March 2020, which decreased by 30.89 percent, compared to the previous month’s figure.

An analysis of various monthly operational reports of the corporation obtained by PUNCH correspondent showed that in November and December 2018, the firm made trading surpluses of N2.06bn and N12.13bn respectively.

The analysis showed that it sustained this in 2019, as it posted N15.04bn, N16.72bn, N11.72bn, N5.6bn, N6.33bn and N3.92bn surpluses in the months of January, February, March, April, May, and June respectively.

For July, August, September, October, November, and December 2019, the corporation made surpluses of N4.26bn, N5.2bn, N8.59bn, N13.23bn, N3.95bn and N5.28bn respectively.

The oil firm’s surpluses persisted in January and February 2020 as it recorded N1.87bn and N3.95bn respectively.

Source Punch
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