President Muhammadu Buhari on Thursday announced the Nigerian National Petroleum Corporation NNPC, made a net profit of N287b in the year, 2020.
A statement by presidential spokesman, Femi Adesina said the announcement was in fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation.
The statement said President Muhammadu Buhari’s declaration of a Net Profit by the nation’s flagship oil corporation is the “first time in the 44-year history of the establishment”
It will be recalled that the President had recently signed the Petroleum Industry Act, which seeks to strengthen the nation’s oil sector and make it more accountable to Nigerians.
According to the President, who doubles as Minister for Petroleum Resources, “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (N287 Billion) in the Year 2020 by the Nigerian National Petroleum Corporation.
“This is a sequel to the completion of the statutory Annual Audit exercise for the Year 2020.
“The NNPC losses were reduced from N803 Billion in the year 2018 to N1.7 Billion in the year 2019 and the eventual declaration of Net Profit in the Year 2020 for the first time in its 44-year history.
“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximization 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.”
