President Muhammadu Buhari on Thursday disclosed that the Nigerian National Petroleum Corporation (NNPC), for the first time in its 44 years history, declared an after tax profit of N287 billion for 2020.
While noting that the agency’s losses were reduced from N803 billion in 2018 to N1.7 billion in year 2019, the president also directed the corporation’s management to henceforth ensure the timely publication of its audited accounts.
The Media Adviser to the President, Femi Adesina, who disclosed this in a release on Thursday, said in fulfilment of an earlier pledge by the federal government to publicly announce the financial position of the NNPC, President Buhari has disclosed a net profit, the first time in the 44-year history of the establishment.
According to the president, who doubles as Minister for Petroleum Resources, “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.”
– Thisday