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NNPC reduces trade deficit by 16%

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

The Corporation attributed the appreciable decrease in deficit to improved Nigerian Petroleum Development Company (NPDC) revenue, coupled with refineries efficiency as well as a reduction in the upstream costs by over 32 percent relative to 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.

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