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, first time in the 44-year history of the establishment.
The President, who doubles as Minister for Petroleum Resources announced 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.
He explained that it was sequel to the completion of the statutory Annual Audit exercise for the Year 2020.
According to the President, 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.
He noted that this development is consistent with the Present administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.
President Buhari stated that he 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 the government commitment to ensuring transparency and accountability by public institutions.
He congratulated the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.