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NNPC announces 13% increase in trading surplus for May
The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N6.33 billon for May, which is 13 per cent higher than the N5.60 billion surplus posted in April.
Details of the report was contained in the May edition of the NNPC Monthly Financial and Operations Report (MFOR) released and made public by the Group General Manager, Group Public Affairs Division of the corporation, Ndu Ughamadu, on Sunday.
This increase was attributed to the surplus recorded by the corporation’s downstream entities, like NNPC Retail, PPMC, NPSC and Duke Oil.
Read also: Number of unemployed Nigerians rises to 21m in one year
The report further indicated that within the period, the NNPC recorded $580.32 million in export sale of crude oil and gas, which is 23.39 per cent higher than the previous month’s figure.
It further stated that crude oil export sales contributed $458.59 million, which translates to 79.02 per cent of the entire dollar transactions compared with $342.11 million contributed in the previous month.
The report also showed that between May last year and May this year, crude oil and gas valued at $5.97 billion was exported.
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