THE Nigerian National Petroleum Corporation – NNPC, incurred a total loss of N120.07bn in two months, report has revealed.
The latest NNPC Group financial report indicated that the corporation lost N60.67bn and N59.4bn in August and September respectively.
According to the report, the Pipelines and Products Marketing Company, a subsidiary of the NNPC, incurred the highest amount of losses in the two months.
NNPC’s revenue in August was N146.617bn, while its expenses were put at N207.287bn.
The report also shows that the losses were incurred before subsidy, noting that the PPMC recorded a loss of N34.275bn in August and N57.677bn in September.
Also, all government owned refineries managed by the corporation were yet to make profits, despite claims that the facilities had started producing refined products for public consumption, the review has shown.