The Nigerian National Petroleum Corporation has announced a Net Profit after Tax of N287billion in year 2020.
President Muhammadu Buhari, who doubles as Minister of Petroleum Resources, made the disclosure in a statement issued in Abuja, on Thursday.
According to the president, the development came first time in the 44-year history of the Corporation.
In a statement signed by Femi Adesina, Special Adviser to the President on Media and Publicity, titled, ‘President Buhari announces Profit after Tax by the NNPC, and publication of audited financial statements for year 2020,’ Buhari described the development as the “fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the NNPC.”
The statement quoted the President as saying that “I am pleased to announce the declaration of Profit after Tax of N287billion 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 N803billion in year 2018 to N1.7billion 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.”
