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Buhari Announces N287bn Profit For NNPC

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In fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation (NNPC), President Muhammadu Buhari has disclosed a Net Profit of N287 billion, the first time in the 44-year history of the establishment.

The President, who doubles as Minister for Petroleum Resources said: “I am pleased to announce the declaration of Profit after Tax of N287 billion in Year 2020 by the NNPC. This is sequel to the completion of the statutory Annual Audit exercise for Year 2020.

“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.

“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 NNPC 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.”

 

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