The Nigerian National Petroleum Corporation in its financial report for the month of May, said it recorded a total loss of N65.83bn between January and May 2016.

The report, which was released on Friday, showed that the corporation’s revenue in the first five months was N588.46bn, while the expenses incurred was N654.29bn.

The report, however, stated that the national oil firm recorded a profit of N274m in the month of May 2016, while its three refineries posted losses in the period under review.

In April 2016, the group made a total loss of N19.43bn.

Kachikwu said the NNPC was able to cut its operational cost by 30 per cent, adding that Nigerian refineries had started working for the first time in about 10 years.

He said, “We need to find a structure, and we have started, in which private funds will come into the refineries and we will be able to rebuild our refineries to 90 or 100 per cent capacity.

“I’ve already made a commitment that by 2018, 60 per cent of refined products importation will stop and by 2019 we must become a net exporter of refined petroleum products. I am happy to announce that in our May results, for the first time in the history of this company, the NNPC made a profit of N270m.”

Azeez