Business

NNPC Records N43.57b Trading Surplus For April 2021

Published

2 years ago

August 15, 2021

NewTimes

NNPC Records N43.57b Trading Surplus For April 2021

A trading surplus of ₦43.57 billion has been declared by the Nigerian National Petroleum Corporation (NNPC) for April 2021.

The NNPC made this known in its weekly review published on Sunday.

Speaking about its monthly Financial and Operation Report, it reported a trading surplus of ₦43.57bn in April 2021, representing a 23.64 per cent increase over the ₦35.24bn surplus it recorded in the previous month of March 2021.

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

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

The NNPC Chief Financial Officer, Umar Ajiya, explained that the sustained publication of the monthly report is in consonance with the letter and spirit of the Transparency, Accountability and Performance Excellence (TAPE) management philosophy of the Group Managing Director of NNPC, Mele Kyari.

Similarly, expenditure for the month increased by 17.24 percent or N72.34bn to stand at N492.05bn, while expenditure as a proportion of revenue stood at 0.92, same as last month.

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.

The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company Limited.

In the downstream Sector, in order to ensure uninterrupted supply and effective distribution of fuel across the country, a total of 1.67 billion litres of Premium Motor Spirit translating to 55.79mn liters/day were supplied in the month under review.

(NAN)

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Business

BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

Published

14 hours ago

June 1, 2023

NewTimes

BREAKING: Old Naira Notes Deadline Stays - Emefiele

CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

Arts & Culture

BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

Published

1 day ago

May 31, 2023

NewTimes

Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate

President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.