NNPC Operating Deficit Rises by Over 200% to N30.81bn in April

The Nigerian National petroleum Corporation (NNPC) said its operating deficit rose N30.81 billion in the month of April.

In the corporation’s latest financial and operational activities report for April, it says the over 200 percent loss was recorded through the Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation.

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.”

Meanwhile, the report also stated that the corporation supplied a total of 0.94 billion litres of petrol, representing about 31.37 million litres per day, in the month of April.