President Muhammadu Buhari has disclosed that the Nigerian National Petroleum Corporation (NNPC) made a Net Profit of N287 billion in the year ending in 2020.
This was contained in a statement issued by Femi Adesina, Special Adviser to the President (Media and Publicity) on Thursday, which affirmed that it was the first time in the 44-year history of the establishment.
The statement said President Buhari, who doubles as the Minister of Petroleum Resources, disclosed this in fulfilment of an earlier pledge by the Federal Government to publicly announce the financial position.
The statement quoted him as saying: “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (N287 Billion) in the Year 2020 by the Nigerian National Petroleum Corporation.
“This is the sequel to the completion of the statutory Annual Audit exercise for the Year 2020.
“The NNPC losses were reduced from N803 Billion in the year 2018 to N1.7 Billion in the year 2019 and the eventual declaration of Net Profit in the 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.”
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NNPC declared N287bn after tax profit for 2020 ― Buhari