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HomeBusinessNigeria's oil firm NNPCL posts N123.6 bln deficits for HQ office, three...

Nigeria’s oil firm NNPCL posts N123.6 bln deficits for HQ office, three refineries

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The Nigerian National Petroleum Company Limited (NNPCL) has revealed that the combined deficit of the headquarters of the NNPC and the three refineries under its management stood at N123.64 billion in nine months to September 2021.

The latest monthly oil and gas report of the state oil firm for September 2021, showed that while the cumulative deficits of the three refineries during the period was N46.52 billion, the cooperate headquarters of the oil firm posted a deficit of N77.12 billion.

The report, however, stated that the budgeted deficits for the corporate headquarters and the refineries during the nine-month period were N151.12 billion and N49.8 billion, 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, which incurred N46.52 billion in nine months.

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In the report, the NNPC stated that the deficit posted by its corporate headquarters in September 2021 alone was N5.95 billion, down from the N10.23 billion recorded in August same year.

The report showed that while the corporate headquarters made a revenue of N11.10 billion in September, its expenses were valued at N17.06 billion.

For the refineries, the facilities recorded revenue of N207 million in September 2021, while they incurred a cumulative expense of N6.06 billion in the same period.

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.

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