Trade Surplus: NNPC Generates N15.04bn in January

• Trade Surplus: NNPC Generates N15.04bn in January

The Nigerian National Petroleum Corporation (NNPC) has announced it generated a trade surplus of N15.04 billion in January 2019.

This represent an increase of 24 per cent from the N12.3 billion surplus posted in December 2018.

In a statement issued by Mr. Ndu Ughamadu, Group Public Affairs Division, NNPC Group General Manager, said the improved monthly surplus contained in the January 2019 edition of the corporation’s Monthly Financial and Operations Report (MFPR) was because of the better than expected NNPC’s upstream subsidiary and the Nigerian Petroleum Development Company (NPDC) which recorded surplus despite reduced operational activities in the month.

The report revealed that NPDC sustained revenue drive, evident from recent average weekly production of 332,000 barrels of crude oil per day, has made the 500,000 bpd production target by 2020 feasible.

The NNPC’s spokesman said that the NPDC’s position contrasts with the high expenditure levels posted by two other entities of NNPC, the Petroleum Products Marketing Company (PPMC) and Duke Oil, although both ended the month with profit.

According to him, “in terms of sales and remittance of crude oil and gas proceeds, the corporation announced total export receipts of $381.70 million in the month under review as against $345.68 million posted in December 2018.”

He further revealed that a breakdown of the numbers indicated that contributions from crude oil amounted to $269.43 million, while gas and miscellaneous receipts stood at $111.75 and $0.52 million, respectively.

“Within the period under focus, NNPC transferredN153.01 billion into the Federation Account, while cumulatively, from January 2018 to January 2019, Federation and JV receivedN905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation Accounts.”