The Nigerian National Petroleum Corporation (NNPC) realized the sum of N287 billion net profit in 2020, President Muhammadu Buhari has said.
President Buhari, who is also the Minister of Petroleum Resources, made the announcement Thursday, according to a statement by his spokesman, Femi Adesina.
The announcement of NNPC’s net profit is the first in the 44-year history of the state’s oil firm.
The statement quoted Buhari as saying that the announcement was in fulfilment of his administration to publicly announce the financial position of the NNPC.
Buhari said: “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 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.