President Buhari announces NNPC Profit of N287bn for the first time in its 44-yr history

Orders publication of 2020 audited financial statements

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 that the Corporation posted a Net Profit for the first time in the 44-year history of the establishment.

According to a press statement issued on Wednesday by the President’s
Special Adviser to the President, (Media and Publicity), Femi Adesina, the President, who doubles as Minister for Petroleum Resources, stated: “I am pleased to announce the declaration of Profit after Tax of N287 billion in the Year 2020 by the Nigerian National Petroleum Corporation, (NNPC). This is sequel to the completion of the statutory Annual Audit exercise for the 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”.

President Buhari congratulated the Board, management and staff of the Corporation and “look forward to greater value creation for the Nigerian people”.

Related news

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.