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NIGERIA: NNPC Announces NGN13.23bn Surplus

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NIGERIA: NNPC Announces NGN13.23bn Surplus

The Nigerian National Petroleum Corporation (NNPC) officially has recorded a business surplus worth NGN13.23bn in October 2019, the surplus which signifies an increase of 54 percent different from NGN8.59 bn surplus in September 2019.

Nigerian National Petroleum Corporation stated this in its Monthly Financial and Operation Report (MFOR) for October 2019 lately released, the report shows a sign of positive outcome in the transactions of the Nigerian National Petroleum Corporation.

Nigerian National Petroleum Corporation uncovered in the report that the October surplus was obtained from the improved business transaction surplus supported by its exploration subsidiary, the Nigerian Petroleum Development Company (NPDC). The Corporation further noted that on crude oil and gas sales that a total crude oil and gas export sales worth 483.25 million dollars were transacted in October 2019.

Furthermore, the Nigerian National Petroleum Corporation said that the October trade earned them an increase of 35.77 percentage point difference from September and that of October trade on crude oil export added about $396.94million (82.14 percent) of the dollar transactions different from September business trade of 267.97million dollars.

The Nigerian National Petroleum Corporation further stated that the corporation has proceeded to oversee the daily supply of Premium Motor Spirit (PMS) to accomplish the effective distribution of petroleum products and the availability of fuel nationwide.

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