NNPC Paid N85billion into Federation Account for January 2016
The NNPC in its Monthly Operations and Financial Report for January, released on Sunday in Abuja. said despite posting a N3.55billion loss for the same period that it was able to achieve the feat
It also said it paid N1.05 trillion into the Federation Account within a 12-month period, from February 2015 to January 2016.
Giving a breakdown of the corporation account in January, NNPC said N85.077 billion was from the sale of crude oil while N880.3 million was receipts from gas sales.
The report showed that the corporation posted a loss of N3.55billion, compared to a loss of N11.86 billion recorded in December 2015.
According to the report, NNPC’s loss-making performance was triggered by a drop in its revenue from N184.4 billion recorded in December 2015 to N130.86 billion in January 2016.
Expenditure of N134.41 billion in the month under review compared to N196.26 billion in December 2015.
Also, Nigerian Petroleum Development Company, (NPDC), recorded a profit of N3.958 billion.
The Nigerian Gas Company, NNPC Retail and the Pipeline Products Marketing Company, PPMC, recorded profits of N3.94 billion, N477 million and N2.25 billion respectively.
Howevere, Integrated Data Services Limited, IDSL, National Engineering Technical Company, NETCO posted net losses of N557 million and N215 million respectively.
“The Kaduna, Port Harcourt and Warri Refineries posted losses of N2.87 billion, N1.95 billion and N900 million respectively.
“The NNPC Group’s Corporate Headquarter and Corporate Services Unit recorded a deficit of N6.37 billion and N1.32 billion respectively,” the corporation was quoted as saying.
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