For the first time in the history of the Nigerian National Petroleum Corporation (NNPC), President Muhammadu Buhari announced that the corporation generated a profit after tax of N287 billion in 2020.
Buhari said the NNPC’s audited financial statement for year 2020 showed the NNPC’s losses were reduced from N803 billion in 2018 to N1.7 billion in year 2019 and the eventual declaration of a net profit in 2020 for the first time in its 44-year history.
The President, who doubles as Minister for Petroleum Resources, said, “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty Seven Billion Naira (N287 Billion) in Year 2020 by the Nigerian National Petroleum Corporation. This is sequel to the completion of the statutory Annual Audit exercise for Year 2020.
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“The NNPC losses were reduced from N803 Billion in year 2018 to N1.7 Billion in year 2019 and the eventual declaration of Net Profit in Year 2020 for the first time in its 44-year history.”
The president said the development was consistent with his administration’s commitment to ensuring prudent management of resources and maximisation of value for the Nigerian people from their natural resources.
“I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.
“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”
This was contained in a statement issued by Special Adviser to the President on Media and Publicity Femi Adesina.