NNPC Announces Trading Surplus Of ₦43.57bn For April

The Nigeria National Petroleum Corporation (NNPC) has announced a trading surplus of ₦43.57bn for April 2021.

The NNPC made this known in its weekly review published on Sunday.

Speaking about its monthly Financial and Operation Report, it reported a trading surplus of ₦43.57bn in April 2021, representing a 23.64 per cent increase over the ₦35.24bn surplus it recorded in the previous month of March 2021.

Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

According to the report, the NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73 per cent or N80.67bn to stand at N535.61bn.

The NNPC Chief Financial Officer, Umar Ajiya, explained that the sustained publication of the monthly report is in consonance with the letters and spirit of the Transparency, Accountability and Performance Excellence (TAPE) management philosophy of the Group Managing Director of NNPC, Mele Kyari.

Similarly, expenditure for the month increased by 17.24 percent or N72.34bn to stand at N492.05bn, while expenditure as a proportion of revenue stood at 0.92, same as last month.

The report attributed the rise in trading surplus to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as increase in gas sales.

The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company Limited.

In the Downstream Sector, in order to ensure uninterrupted supply and effective distribution of fuel across the country, a total of 1.67 billion litres of Premium Motor Spirit translating to 55.79mn liters/day were supplied in the month under review.