…Rakes in N92.58billion into nation’s treasury in one month

As part of its transparency policy, the Nigerian National Petroleum Corporation (NNPC) has made public its May, 2020 oil transactions with N92.58 billion generated from the sale of white (refined) products in the month under review.

According to a statement Wednesday and signed by NNPC’s Group General Manager, Public Affairs Department, GPAD, Dr. Kennie Obateru, the corporation, the sale and financial figure are contained in the May 2020 version of the Corporation’s Monthly Financial and Operations Report (MFOR).

The statement said in the month under review,”₦92.58billion was made on the sale of white products by Petroleum Products Marketing Company (PPMC) in May 2020. Total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at ₦2,393.88billion, where PMS contributed about 98.84 per cent of the total sales with a value of ₦2,366.15billion.”

The transactions it said, comprised 950.67million liters of PMS only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK), adding that there was no sale of special product in the month.

The report stated that total sale of white products for the period May 2019 to May 2020 stood at 19,865.80million liters and PMS accounted for 19,704.49million liters or 99.19 per cent, adding that 950.67million liters of white products were sold and distributed by the corporation’s downstream subsidiary, the PPMC in May, 2020.

The report said that In the gas sector, natural gas production in May 2020 increased by 2.38 per cent at 226.51Billion Cubic Feet (BCF) compared to output in April 2020; translating to an average daily production of 7,480.36million Standard Cubic Feet of gas per day (mmscfd). Likewise, the daily average natural gas supply to gas power plants increased by 5.87 per cent to 834mmscfd, equivalent to power generation of 3,128MW.

It also said that the Group’s operating revenue, compared to April 2020’s, increased by 15.33 per cent or N31.68billion to stand at N238.33billion, while expenditure for the month decreased by 0.76 per cent or N1.81Billion, to stand at N235.66billion; and indicated a trading surplus of ₦2.68billion compared to the ₦30.81billion deficit posted in April 2020 when the effect of COVID-19 was at the peak, leading to reduced demand with fluctuating prices.


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