NNPC trading deficit hit N24.18bn in July

THE Nigerian National Petroleum Corporation (NNPC), on Thursday, said it recorded a trading deficit of about N24.18 billion in July 2016, as against N26.51 billion deficits recorded in June 2016, as a result of continued attack on oil and gas facilities by the militant groups in Niger Delta region.

It also announced that inadequate natural gas supply to thermal plants in the country caused a sharp drop in power generation to 2,000 megawatt.

However, the net cash flow generated by the corporation improved by 8.77 per cent to the tune of N2.3 billion in the same month of July.

In its July financial reports made available to the Nigerian Tribune in Abuja last night, the corporation also attributed the increase in revenue to gains from the NPDC and PPMC.