States in more trouble as NNPC deducts N242.53bn from March allocation

The Nigerian National Petroleum Corporation (NNPC) says it has recorded N39.85 billion trading surplus for the month of February 2021.

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

The figure represents a 314.24 per cent rise from the N9.62billion surplus it recorded in January 2021.

This is contained in the February 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report said in February 2021, NNPC Group operating revenue as compared to January 2021, increased by 35.64 percent or N152.07billion to stand at N578.79 billion.

Similarly, expenditure for the month increased by 29.21percent or N121.83billion to stand at N538.94billion.

The expenditure for the month as a proportion of revenue was 0.93 per cent as against 0.98 per cent the previous month.

The Corporation attributed the significant increase in trading surplus mainly to reconciled accounts by the Corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), using the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template.

Other factors that boosted the trading surplus figure, according to the Corporation, included the performance of Duke Oil, Nigerian Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC) which recorded robust gains as a result of increased debt collection and cost optimisation measures.

The report disclosed, however, that during the period under review, 54 pipeline points were vandalised representing a 50 per cent increase from the 27 points recorded in January 2021.

The Warri Area accounted for 50 per cent and Mosimi Area accounted for 39 per cent of the vandalised points while Kaduna and Port Harcourt Areas accounted for 7 per cent and 4 per cent respectively.


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