NNPC's operational deficit down N8.3bn


The Nigerian National Petroleum Corporation, NNPC’s, operation dropped by N8.31 billion in January compared with figures for December 2015, the corporation has said.

The company, specifically, saw monthly loss figures down from N11.86 billion recorded in its December accounts to N3.55 billion in January this year.

“Operating deficits of N11.86 billion and N3.55 billion were recorded for the months of December 2015 and January 2016 respectively as against monthly budgeted surplus of N44.23 billion,” the company revealed in its January financial and production report.

NNPC also reported total export proceeds of $407.86 million in January, saying this consists of crude oil receipt of $201.92 million, Liquefied Petroleum Gas, LPG, and other gas liquids proceed of $135.89 million as well as miscellaneous receipt amounting to $70.05 million.

These, according to the report, were swept into the Joint Venture Account.

But, the report indicated that NNPC’s monthly naira remittance to the Federation Account dropped by N382 million from N86,340,969,392 in December 2015 to N85,958,157,358 in the month of January.

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