A year-on-year analysis of the financial report of the Nigerian National Petroleum Corporation (NNPC) has shown sustained decline in the deficits recorded by the corporation.
From 2015 when the corporation started publishing monthly operational and financial data to 2017, NNPC has continued to record annual operational deficit.
The losses have more than halved by 69 per cent, indicating an improvement compared to the previous years despite the challenging environment NNPC said it had been operating.
The data shows that N267bn was posted as loss in 2015. The deficit lowered to N197bn in 2016 and down again to N82bn in 2017.
In 2016, renewed and vigorous vandalism of pipelines in the Niger Delta meant the shutdown of crude pipeline, export terminals and deferred crude cargoes, thereby denying revenue streams accruing to NNPC and the federation.
