NNPC Releases March 2016 Report

Nigeria’s state oil corporation, the NNPC has released its March 2016 report.

The report shows annual operating deficit down 32% to three billion naira in January 2016, and expenditure also slimmer at 134.4 billion naira in January from 196.2 billion naira in December last year.

The new report shows the NNPC revenue down to 130.8 billion naira in January this year due to low crude prices.

The corporation says the sum of 85.9 billion naira was paid into the federation account and for the 12 months ended January 2016, the total contribution to the federal government was 1.05 trillion naira.

In December 2015, the NNPC reports total crude oil lifting of 65.95 million barrels by the corporation, the joint venture partners and independent operators.