NNPC’s revenue hits N535bn, an increase of 17.73% in April

The Nigeria National Petroleum Corporation (NNPC) says its group operating revenue in April increased by 17.73 percent amounting to N535.61 billion.

The Corporation disclosed this in its Monthly Financial and Operations Report (MFOR) for the month of April 2021 released in Abuja, on Sunday.

“The NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73 per cent or N80.67bilion to stand at N535.61bn.

“Similarly, expenditure for the month increased by 17.24per cent or N72.34billion to stand at N492.billion, while expenditure as a proportion of revenue stood at 0.92, same as last month,’’ it said.

It also revealed that the corporation recorded a trading surplus of ₦43.57billion in April, representing a 23.64 per cent increase over the ₦35.24bn surplus it recorded in the previous month of March.

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

The report attributed the rise in trading surplus to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company) as well as increase in gas sales.

It noted that the positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO).

In the Downstream it revealed that a total of 1.67billion litres of Premium Motor Spirit (PMS) translating to 55.79mn liters/day were supplied in the month under review.


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