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Oil Revenue: Nigeria loses $1.9bn

by on October 12, 2015
 

Nigeria’s state oil company NNPC recorded a loss of $1.9 billion in the first eight months of 2015 mainly because of fuel subsidy spending, it said in a publication that seeks to bring transparency to the organization.

At least 73% of the loss was due to deficit spending by its Pipelines and Products Marketing unit comprising “claimable subsidy” payments, repairs, as well as product losses from ruptured and sabotaged pipelines, the Nigerian National Petroleum Corp said in a monthly report for August on its website.

The publication of the report is one of the initiatives of Group managing director Emmanuel Kachikwu to ensure accountable conduct of its business.

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Emeka Nwankwo

 

 

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