The monies were given for oil and gas supply, Dataphyte found.
Oil sales are Nigeria’s largest revenue source, and revenue shortages due to defrayed costs could cause a severe financial burden, including an increase in borrowings. This was evident in the corporation’s financial account, with the posting of a loss of ₦16.3 billion in
2019 while the overall Group reported a ₦20.2 billion loss. In 10 years, it reported a
combined loss of ₦474 billion and ₦1.55 trillion, respectively.
NAPIMS and Kaduna refinery owe the bulk of unpaid bills
A breakdown of the credit sales showed that the loss-making Kaduna refinery and National Petroleum Investment Management Services (NAPIMS), a subsidiary managing the Nigerian government’s investments in the upstream sector, owed NNPC in unpaid bills to the tune of ₦470.08 billion and ₦534.8 billion, respectively.