Report Indicates NNPC Posts N1bn Trading Deficit in September 2020

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Report Indicates NNPC Posts N1bn Trading Deficit in September 2020
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The Nigerian National Petroleum Corporation (NNPC) has announced a trading deficit of N1.22 billion for September last year.

The corporation announced this in the September 2020 edition of its Monthly Financial and Operations Report (MFOR).

According to the report, NNPC recorded a trading surplus of N28.38 billion in the month, slightly lower than the N29.60 billion recorded in August.

“The marginal deficit was due to lower contribution from the Nigerian Petroleum Development Company (NPDC) which recorded zero crude oil lifting from the Okono Okpoho facility during the month,” the report added.

NNPC also announced a total export receipt valued at $120.49 million for crude oil and gas in September.

The figure was an improvement of 16.28 percent from the $100.88 million posted in August.

The report showed that out of the figure, proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively.

“21 NNPC pipeline points were vandalized during the period, representing about 43 percent decrease from the 37 points recorded in August,” the report concluded.

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