After recording an operational deficit of N3.55 billion in January, the loss posted by the Nigerian National Petroleum Corporation (NNPC) rose sharply to N24 billion in February 2016.
This figure is contained in the state oil firm’s Monthly Financial and Operations Report for February 2016, released at the weekend.
The latest deficit in operations is a big setback for the NNPC, which is in a restructuring process that is targeted at catapulting the Corporation to profitability.
Daily Trust on Sunday reports that the NNPC has not made profit in the past 16 years. The Corporation in the report blamed the huge deficit in the month of February to production shut-in occasioned by vandalism of the Forcados Export Line.
“This situation denied NPDC (a subsidiary of NNPC) the opportunity to earn revenue from crude oil sales of about 20billion,” it said.
Source: Daily Trust