…posts petroleum products sale of ₦288.77billion
The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 80.12 percent in trading surplus for the month of December 2020 which stands at ₦24.19billion compared to the ₦13.43billion surplus recorded in November 2020.
Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.
A statement signed by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru on Thursday in Abuja, noted that according to the December 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), the operating revenue of the NNPC Group in December 2020 as compared to November 2020 increased by 33.44% or N137.00billion to stand at N546.65billion.
Similarly, expenditure for the month increased by 27.54% or N112.81billion to stand at N522.47billion. The December 2020, expenditure as a proportion of revenue is 0.96 as against 0.97 in November 2020.
The report indicated that the 80.12% increase is due mainly to the significant rise in the profit of NNPC’s flagship upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil.