Reps Reject NNPC’s N384.9bn Loss Statement

The House of Representatives Committee on Finance, has rejected N384.9 billion operational loss recorded by the Nigerian National Petroleum Corporation, NNPC, between 2009 and 2011.

The committee, which was probing Federal Government’s agencies’ remittances of surplus to the Consolidated Revenue Fund, CRF, within the period under review, expressed dismay that NNPC demanded to be exempted from remitting certain parts of its operating surplus to the CRF.

NNPC had argued that the exemption should be on the basis that it had never made profits, saying that it lost crude oil to vandalism totalling 2,316,281 barrels in 2010; 6,391,311 barrels in 2011 and 3,045,625 barrels in 2012.

The total barrels lost between 2010 and 2012 was put at 11,753,217.

According to NNPC, financial losses recorded in the upstream, midstream and downstream sectors amounted to N298 billion in 2009, N110.9 billion in 2010 and N37.6 billion in 2011.


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