In fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation, President Muhammadu Buhari has disclosed a Net Profit, first time in the 44-year history of the establishment.
Buhari, who doubles as the Minister for Petroleum Resources, said: “I am pleased to announce the declaration of Profit after Tax of N287 billion in Year 2020 by the Nigerian National Petroleum Corporation.
“This is a sequel to the completion of the statutory Annual Audit exercise for 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 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.”
He then congratulated the board, management and staff of the corporation and looked forward to greater value creation for the Nigerian people.