President Muhammadu Buhari, who is also overseeing the operations of the Ministry of Petroleum Resources, has announced N287 billion profit after tax (PAT) for the Nigerian National Petroleum Corporation (NNPC) for the 2020 financial year.
Buhari , who made the disclosure on Thursday in a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, noted that the net profit was the first to be reported by the corporation in its 44 years of operations.
The President stated that the declaration was in fulfilment of an earlier pledge by his administration to publicly announce the financial position of the state-owned oil corporation.
He enthused: “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 the 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”, President Buhari added.
