Good Morning Nigeria: An operating deficit in 2015 for the NNPC
​An operating deficit in 2015 for the NNPC
The NNPC, in its new spirit of accountability, has reported a group operating deficit of N267bn (US$1.36bn) for 2015, compared to the budget for the year of a surplus of N469bn. The corporation notes that the deficit is 61% attributable to claimable pipeline repairs (N104bn) and losses due to vandalism (N60bn). On a divisional basis three units were responsible for the underperformance: the Nigerian Petroleum Development Company (surplus of N17bn vs budget of N452bn); the three refining companies (deficit of N82bn vs budgeted surplus of N30bn); and the Pipelines and Products Marketing Company (deficit of N62bn after subsidies vs surplus of N136bn).
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