Connect with us

Business

NNPC Records N43.57b Trading Surplus For April 2021

Published

on

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.

READ ALSO: Big Legal Victory For Ogoni As Shell Agrees To Pay N45.9b For Oil Spillage

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.

READ ALSO: CBN Disburses N791b To Farmers In 36 States

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)

 

Read more authentic news on our social media platforms

Continue Reading
Click to comment

Business

NBS Puts Rate Of Inflation In One Month At 19.64%

Published

on

NBS Puts Rate Of Inflation In One Month At 19.64%

Inflation rate rose to 19.64 per cent in July 2022 from 18.60 per cent in June 2022, according to the National Bureau of Statistics (NBS).

It was 1.82% increase from that of the previous month, said the Bureau in its report titled “CPI July 2022.”

The report noted the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger, transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing.

Inflation rate which measures Composite Price Index (CPI) was the highest since September 2005.

The report said: “In July 2022, on a year –on- year basis, the headline inflation rate was 19.64%,” It added that “This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.3%).

It added that on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

The NBS said the percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.

According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) functions and all-items basis.

 READ ALSO: CBN Raises Interest Rate To 14% To Tame Rising Inflation

It added that on a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021.

The report noted that on a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).

It said in July 2022, food inflation on a year-on-year basis was highest in Kwara (29.28%), Akwa Ibom (27.22%), and Kogi (26.08%), while Kaduna (17.16%), Jigawa (17.46%) and Anambra (19.25%) recorded the slowest rise on year-on-year food inflation.

The bureau said on a month-on-month basis, July 2022 food inflation was highest in Kwara (3.90%), Delta (3.61%), and Benue (2.94%), while Taraba (0.14%), Gombe (0.94%), and Niger (1.13%) recorded the slowest rise on month-on-month inflation.

 

Read more authentic news on our social media platforms

Continue Reading

Business

Debt Profile Under Buhari Worrisome – CBN

Published

on

Yoruba Leader Writes Buhari, Seeks Talks Over Emergence Of Yoruba Nation

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

Read more authentic news on our social media platforms

Continue Reading

Business

BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

Published

on

BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

Read more authentic news on our social media platforms

Continue Reading

Top Stories

%d bloggers like this: