The Nigerian National Petroleum Corporation lost N30.81bn in April 2020, representing over 200 per cent increase in its operating deficit, the corporation’s financial and operational activities reveal.
The corporation in the April report made available on Wednesday indicated that the group recorded a deficit of over 200 per cent monthly loss.
It said, “The report in April 2020 indicates an increased trading deficit of N30.81bn compared to the N9.53bn deficit posted in March 2020.
“The current hike of over 200 per cent is attributed to the 29 per cent increased deficit for NPDC due to ongoing coronavirus-related impact of reduced exports, coupled with the upsurge in corporate headquarters deficit arising from terminal benefits made to retired staff.”
It added, “In addition, PPMC, NGMC and Duke Oil Incorporated posted reduced surpluses arising from the COVID-19 effect of reduced demand, fluctuating prices and marketers’ unwillingness to lift products thus affecting revenue.”
The oil firm stated that the net result was an increased deficit to the group.
It, however, noted that to ensure continuous increased PMS supply and effective distribution across the country, a total of 0.94 billion litres of PMS translating to 31.37 million litres per day were supplied in the month of April in the downstream sector.
Similarly, the NNPC had in June reported that it recorded an operational loss of N9.53bn in March 2020. The March 2020 operational loss ushered the corporation into a new era of revenue loss.
Nigerian National Petroleum Corporation in March declared that it experience over 300 per cent decline in March earnings as a result of the huge decrease of 181 per cent in the Nigerian Petroleum Development Company’s revenue.
NNPC disclosed that it made a total crude oil and gas export sale of $256.19m in March 2020, which decreased by 30.89 per cent, compared to the previous month’s figure.
The operational loss in March reversed the steady growth trajectory of the corporation’s revenue since the last quarter of 2019.
Peace Obi
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