NNPC Loses N20b In One Month Due To Attacks By Niger Delta Avengers Militants

The Nigerian National Petroleum Corporation, NNPC, has disclosed that it lost N20 billion in April due to attacks on Forcados Export Line by the Niger Delta Avengers.

In its Monthly Financial and Operations Report for April released in Abuja on Wednesday, NNPC said its revenue dipped in April by 4.99 per cent to N102.45 billion from N107. 83 billion recorded in March.
It states that the corporation’s expenses also dipped by 3.82 per cent to N121.88 billion compared to N126.72 billion spent in the preceding month.

It attributed the drop to pipeline vandalism which forced one of its subsidiaries, Nigerian Petroleum Development Company (NPDC), to undertake a production shut-in, which resulted in the loss of monthly crude oil revenue of N20 billion.

It further blamed the poor performance on losses recorded in the operations of Pipelines and Products Marketing Company (PPMC) from the fuel scarcity recorded during the period.