NNPC Grows Monthly Trading Surplus By 353%

The Nigerian National Petroleum Company Limited on Friday announced a trading surplus of ₦37.50bn for the month of September 2021 representing a 353 per cent increase from the ₦8.29bn surplus in August 2021.

It said details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report indicated that the rise in trading surplus was due to the increased earnings of NNPC’s upstream subsidiary, the Nigerian Petroleum Development Company.

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

“Thus in September 2021, the NNPC Group’s operating revenue as compared to August 2021, reduced by 29.87 per cent or N191.9bn to stand at N450.45bn,” the oil firm said in a statement issued in Abuja.

It added, “Similarly, expenditure for the month decreased by 34.87 per cent or N221.11bn to stand at N412.92bn. Expenditure as a proportion of revenue in the month under review stood at 0.92 per cent, compared to last month’s 0.99 per cent.”

The NNPC said the report also showed a total crude oil and gas export receipt of $348.63m in September 2021 as against $224.29m in August 2021.

It said receipts from crude oil amounted to $8.38m, while gas and miscellaneous receipts stood at $55.25m and $285m respectively.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.