The Nigerian National Petroleum Corporation, NNPC, disclosed that it had paid the sum of N933.1bn into the Federation Account and lost about $607million at the end of November 2015.
The Corporation also recorded a loss of N14.3 billion in the month of November 2015, according to figures published in its latest monthly report on operational and financial dealings.
The NNPC’s operating revenue after subsidy for the months of October and November 2015 were N173.56 billion and N155.10 billion, respectively, accounting for the November loss.
This represents 56.72 percent and 50.68 percent, respectively, of the Corporation’s monthly budget.
The report also shows that the Corporation incurred operating deficits of N12.22 billion and N14.29 billion in the months of October and November 2015, respectively, as against the monthly budgeted surplus of N38.91 billion.
It further stated that the country’s refineries in Warri, Port Harcourt and Kaduna operated at zero capacity utilization in the month of November.
A further analysis of the report indicates that the 59.63 percent year-to-date (YTD) deficit of N255.278 billion is mainly accounted for by claimable pipeline repairs as well as a management cost of N95.37 billion and crude and product losses of N56.68 billion from the incessant vandalism of petroleum pipelines.
The company said its total export proceed of $402.55 million was recorded in November 2015, with proceeds from crude oil export sales amounting to $296.99 million or 73.78 percent of the dollar payment compared with 72.97 percent contribution in the previous month of October.