PPMC Makes Loss Of N687.1Billion In 2012

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According to Newspaper reports, the Petroleum and Product Marketing Company (PPMC) made a loss of N687billion in the financial year ended December 2012. They made this report at the joint committee on Petroleum (Downstream) of the National Assembly as NNPC (their parent company) seeks to defend its budget. According to PPMC, they made a revenue of N2.35tr and incurred expenses of N3.35t. The report also claims they incurred a sum of N126b in capital expenditure for the period.?PPMC budgeted N3.8tr in revenue for 2012 thus incurring a shortfall of about N1.5billion.

I find the report strange though as it did not indicate if it was audited or not considering that most organizations are currently performing their yearly audit making this report seem too premature or more like a management accounts. Nevertheless, I will make do with this and apply the parastatal a red ink.