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,...

It may be virtually impossible for the Nigerian National Petroleum Corporation (NNPC) to operate its refineries, crude oil and products pipelines nationwide profitably, unless government takes drastic measures to eliminate all acts of pipeline vandalism, according to an investigation by The Guardian. This is coming...

Available records show that the Nigerian National Petroleum Corporation owe the Federation Account a total of N4.9tn in unremitted funds, the Revenue Mobilisation Allocation and Fiscal Commission has said. The Office of the Auditor-General of the Federation recently said that the NNPC had not remitted...

  The Nigerian National Petroleum Corporation, NNPC  has denied failing to remit N3.325 trillion  to the Federation Account.  It, however, admitted that it owed the government N326.14bn, which was still being reconciled. The corporation was reacting to the revelation of the Auditor-General of the Federation to the...

Nigeria has continued to lose N139.2 billion monthly to gas flaring following the inability of the Brass and Olokola liquefied natural gas companies to come on stream to reduce the revenue-sapping situation. The country lost up to $814.14 million (about N162.8 billion) to gas flaring...

The International Energy Administration (IEA) expected Nigeria’s oil production to decline by 70,000 barrels per day (bpd) by 2021 to 1.85 million bpd due to reduction in investment in the country’s deepwater projects and oil theft and pipeline sabotage in the Niger Delta continues...