The Nigerian National Petroleum Corporation has announced an increase of 80.12% in trading surplus for the month of December 2020, Njenje Media news reports.
Group General Manager, Group Public Affairs Division of NNPC, Dr. Kennie Obateru, said the December 2020 edition of the NNPC Monthly Financial and Operations Report shows that the operating revenue of the corporation in December 2020 as compared to November 2020 increased by 33.44%, amounting to N137.00billion to stand at N546.65billion. This stands at ₦24.19billion compared to the ₦13.43billion surplus recorded in November 2020.
He added that the expenditure for the month increased by 27.54%, amounting to N112.81billion to stand at N522.47billion.
The report indicated that the 80.12% increase is due mainly to the significant rise in the profit of NNPC’s flagship upstream entity, the Nigerian Petroleum Development Company amid improved market fundamentals and strong global demand for crude oil.
Total revenues generated from the sales of white products for the period December 2019 to December 2020 stood at ₦2.217triilion, where petrol contributed about 99.09% of the total sales with a value of ₦2.197trillion.