NNPC Reduces Trade Deficit By 16% In January

NNPC Reduces Trade Deficit By 16% In January

The Nigeria National Petroleum Corporation (NNPC) has reduced its trading deficit to ?14.26 billion by January end, down from ?17.01billion recorded in December 2016, representing about 16 per cent improvement, The Guardian reports.

The Corporation attributed the appreciable decrease in deficit to improved Nigerian Petroleum Development Company (NPDC) revenue, coupled with refineries efficiency as well as reduction in the upstream costs by over 32 per cent relative to the last month. NNPC, in its latest financial report released on Monday put the group’s operating revenues for the months of December 2016, and January 2017, at N461.83 billion, and expenditure at N493.08 billion.

The Corporation in its report noted that it is operating in a challenging environment, which limits its profitability aspirations. It identified other factors that affected its overall performance to include shutdown of the Trans Niger Pipeline (TNP) & Nembe Creek Trunk Line (NCTL) due to pipeline leakages, shut down of of Qua Iboe, and Agbami Terminal for mini Turn Around Maintenance, and the subsisting force majeures at Forcados and Brass Terminals.

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