Nigeria's State Oil Firm Posts $346 Million Trading Surplus in June

12/13/2021

ABUJA (Reuters) — Nigeria's state oil company recorded a 141.96 billion naira ($346 million) trading surplus in June after recovering from a 37.46 billion naira deficit the previous month, the company said on Sunday.

Presenting its latest monthly report, the Nigerian National Petroleum Company (NNPC) said expenditure for the same month fell 29.32% to 721.93 billion naira.

President Muhammadu Buhari said in August NNPC had made a profit for the first time in its 44-year history, generating an income of $698 million after tax in 2020.

NNPC's report said in June 47 pipeline points were vandalized compared to 64 in May, with the Port Harcourt area and Mosimi accounting for 94% of the vandalism.