How NNPC lost N65.83bn in five months

The Nigerian National Petroleum Corporation in its financial report for the month of May, said it recorded a total loss of N65.83bn between January and May 2016.

The report, which was released on Friday, showed that the corporation’s revenue in the first five months was N588.46bn, while the expenses incurred was N654.29bn.

The report, however, stated that the national oil firm recorded a profit of N274m in the month of May 2016, while its three refineries posted losses in the period under review.

In April 2016, the group made a total loss of N19.43bn.

Kachikwu said the NNPC was able to cut its operational cost by 30 per cent, adding that Nigerian refineries had started working for the first time in about 10 years.

He said, “We need to find a structure, and we have started, in which private funds will come into the refineries and we will be able to rebuild our refineries to 90 or 100 per cent capacity.

“I’ve already made a commitment that by 2018, 60 per cent of refined products importation will stop and by 2019 we must become a net exporter of refined petroleum products. I am happy to announce that in our May results, for the first time in the history of this company, the NNPC made a profit of N270m.

Join our BBM channel for instant updates : C0030863D

Comments

BOOM: Nigeria’s External Reserves Drops To Lowest In 11 Years

Nigeria’s foreign exchange reserve fell to $25,780,765,483 (25.78 billion) as of August 16, the lowest we have seen since 2005. The drop was down 2.11% from a month ago. The Nations external reserves dropped below $26 billion for the first time on the 5th of August 2016 after it closed at about $25,971,610,949. In fact, the external reserves has dropped by about $480 million dollars in August alone compared to just $100 million in the whole of July. Ironically, the current balance of $25.9 billion is worth about 80% more than what it was in Naira following the depreciation of the naira after it was floated. The CBN has in the past few days ramped up sales of dollars at the interbank in the hope that it will create liquidity in a market that is yawning gape to swallow forex after nearly almost two years of intense rationing by the CBN. The Naira weakened to its lowest ever at the interbank after it closed at about N362.5/$1 in midday trading. The Naira will eventua...

Emefiele gives insight, on what to Expect during his second term

The newly re-appointed Governor of the Central Bank of Nigeria, Godwin Emefiele, over the weekend enumerated the things intends to accomplish during his second term in office. Emefiele enumerated his plans while speaking to journalists at the University of Nigeria Nsukka (UNN), on the sidelines of the institution’s Special Convocation which took place on Friday. The CBN Governor gave delivered a lecture at the event. Driving down inflation: According to Emefiele, he intends to focus on policies that would drive down the country’s inflation rate, improve price stability, and drive economic growth. Emefiele’s Stern Warning: The CBN Governor further disclosed that he plans to work with his team to drive down imports and encourage exports. He also used the occasion to issue a stern warning to those who meddle with policies aimed at achieving economic stability, telling them that they will be caught and punished by law. Mr Emefiele’s second term plans came just a few days after ...

Gas Alone Cannot Achieve increase in Power Sector – Fashola

The Minister of Power, Works and Housing, Babatunde Fashola , on Thursday said in Lagos that gas alone could not bring the much needed increase in power supply in the country. Fashola spoke as guest speaker through Chinedu Ugbo , acting Chairman, Niger Delta Power Holding Company (NDPHC), at the 2016 Annual Conference of the National Association of Energy Correspondents in Lagos. The News Agency of Nigeria (NAN) reports that the theme of the conference is entitled: “Low oil price: Impact and the way forward” . Fashola said, “It is not gas alone that will allow us to achieve incremental power”. “It is our most reliable source of power, yes, but it is only one solution among many other underutilised solutions. Mambila Power Station, for example, is likely to be our most defining in the road to incremental power, situated in Taraba State. It will potentially add 3,000MW to the grid and yet this is a hydro-electric project, not gas. Our ministry has recently publicis...

The Finance Dude

Search This Blog