NNPC records huge loss yearly

Over N287.4bn loss is being recorded yearly by the Nigerian National Petroleum Corporation from the operations of its subsidiaries across the country despite the fact that it is meant to be a profitable business venture.
The corporation is losing about N250bn yearly as a result of the inefficiencies of the Pipelines and Product Marketing Company alone, which is one of its subsidiaries, according to figures made available by the national oil company.
The PPMC’s N250bn loss accounts for about 87 per cent of the corporation’s aggregate loss by implication.

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