President Muhammadu Buhari Thursday disclosed the net profit of the country’s oil and gas giant, Nigerian National Petroleum Corporation (NNPC), for the first time in the 44-year history of the establishment of the agency.
The President, who doubles as the Minister of Petroleum Resources, said NNPC made a N287 billion profit after tax in the year 2020.
“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.
“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 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,” he said.
Special Adviser to the President Media and Publicity, Mr Femi Adesina, who disclosed this in a statement in Abuja, said the presidential declaration was a fulfillment of a pledge by the federal government to publicly announce the financial position of the Nigerian National Petroleum Corporation.