The Senate Committee on Petroleum (Downstream) is unhappy at the Nigerian National Petroleum Corporation (NNPC) sales report of refined products.
Committee Chairman, Senator Magnus Abe, said that the NNPC failed to give a comprehensive analysis to what emanated from each refinery at the end of last year.
The development took place during a Budget Presentation made by the NNPC to the National Assembly, saying it made about N686 billion, from the sales of refined products from the three refineries in the country last year.
The corporation in its breakdown said it generated a total amount of N868.44 billion, while its operating expenses for the year 2012 gulped a total of about N654.23 billion, adding that it also spent the sum of N13.9 billion for Capital Expenditure, in the last Fiscal year.
The NNPC further revealed it was projecting the sum of N1.003 Trillion, with a corresponding total expenditure, that includes operational and capital expenses of about N953.05 billion for the year 2013.
It blamed the shortfall on its projected 2012 revenue on the under performance of the plants. However, the NNPC said that with the necessary infrastructure now in place, its operations would improve this year.
The Senate Committee on Petroleum (Downstream) is expected to resume from its break next week, to clarify and scrutinise the budget presentation of the NNPC for 2013.
