The Nigerian National Petroleum Corporation (NNPC) has recorded a Revenue drop of N14.32 billion in its group operating revenue for the month of May 2017, representing a 4.4 per cent decrease against its April revenue, The Sun reports.
NNPC in its latest Financial and Operations Report for the month of May released in Abuja last week, indicated that the group’s operating revenue for April was N322.19 billion while the May revenue stood at N307.87 billion.
The corporation disclosed that the April and May revenue figures represent 87.62 per cent and 83.72 per cent respectively of monthly budget, adding that operating expenditure for the same periods were N327.47 billion and N311.42 billion respectively, which also represents 103.09 per cent and 98.04 per cent of budget for the months respectively.
On the other hand, it said the May financial statement recorded remarkable improvement in group performance, despite the challenging operating business environment, which limits profitability, stating that the May 2017 report indicated a trading deficit of N3.55 billion representing 32.65 per cent decrease in deficit compared to the previous month’s deficit of N5.27 billion.
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