TheCable

The Nigerian National Petroleum Corporation (NNPC) has announced that it recorded a loss of N267.138 billion in its financials in 2015.

The corporation disclosed this in its financial report for December 2015.

According to the report, the oil firm lost N11.861 billion in December alone, down from the N14.29 billion loss recorded in November.

Its gross revenue was put at N2.046 trillion, while its expenses stood at N2.3 trillion, leaving a loss of N267.138bn for the 2015 financial year.

Analysis of the figures revealed that the NNPC grossed N2.046 trillion in revenue while it recorded expenses of N2.313 trillion, leaving a loss of N267.138 billion for the 2015 financial year.

The corporate headquarters recorded the highest deficit, posting a loss of N162.736 billion, while corporate service units posted a deficit of N18.8 billion.

The three refineries posted a combined loss of N82.09 billion in the year 2015.

Kaduna Refinery and Petrochemical Company (KRPC) recorded a loss of N34.7 billion in the year under review, while Warri Refinery and Petrochemical Company (WRPC) and Port Harcourt Refining Company posted losses of N24.308 billion and N23.09 billion respectively.

The report revealed that the oil firm paid N1.095 trillion to the federation account allocation committee (FAAC) between January and December 2015.