October, 1
NNPC Realizes Trade Surplus of $59.409 Million for May 2018
The Nigerian National Petroleum Corporation (NNPC) has declared a trading surplus worth $59.409 million (N18.12 billion) for the month of May 2018, a performance it reported to be relatively higher than the $56.262 million (about N17.16 billion) it recorded in April 2018.

The corporation's Group General Manager, Public Affairs, Mr. Ndu Ughamadu, announced this in a statement on the May 2018 edition of the monthly NNPC Financial and Operations Reports, released in Abuja on Monday, October 1, 2018.

He explained that the May 2016 operational surplus was supported by robust oil revenue, reduced operational costs especially of its exploration and production subsidiary - the Nigerian Petroleum Development Company (NPDC), which recorded a favourable variance of N18.22 billion due to an increase in revenue with an attendant decline in expenses.

The report also indicated that the increase in performance was bolstered by the relatively high production volumes of 1.97 million barrels per day in April 2018, which was sold in May 2018 thereby reducing cost per unit.

The NNPC said it will continue to monitor petrol evacuation figures from depots across the nation and engaged, where necessary, the Nigerian Customs Service (NCS) and other stakeholders through the existing Joint Monitoring Team.