The Nigerian National Petroleum Corporation (NNPC) has released its February Financial and Operations Report (MFOR), indicating N578.79 billion was generated revenue. The national oil company also recorded 54 pipeline breaches.
The NNPC in a statement, on Thursday, also disclosed a N39.85 billion trading surplus for February, representing an increase of 314.24% from the N9.62 billion surplus it recorded in January 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, expenditure for the month increased by 29.21% or N121.83 billion to stand at N538.94 billion. The expenditure for the month as a proportion of revenue was 0.93% as against 0.98% the previous month.
NNPC attributed the increase in trading surplus 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 optimization measures.
Conversely, during the period under review, 54 pipeline points were vandalized representing a 50% increase from the 27 points recorded in January 2021. The Warri Area accounted for 50% and Mosimi Area accounted for 39% of the vandalized points while Kaduna and Port Harcourt Areas accounted for 7% and 4% respectively. NNPC says it continues to work in collaboration with the local communities and other stakeholders to eliminate the menace of pipeline vandalism.