The Nigerian National Petroleum Corporation (NNPC) has received a trade surplus of N15.04 billion in January 2019, which is an increase of 24 percent over the N12.13 billion surplus recorded in December 2019.
The corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, revealed that this is contained in the January 2019 edition of the corporation’s Monthly Financial and Operations Report. It revealed that the benefit is attributive to the improved performance of NNPC’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC). The body was commended considering that it recorded a surplus despite reduced operational activities in the month.
The report showed that NPDC’s 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.
Ughamadu said, “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.