For the first time in 44 years, the Nigerian National Petroleum has posted its first Profit After Tax of N287bn.
This profitability posted by the Corporation was announced by President Muhammadu Buhari in a statement signed by Femi Adesina, Special Adviser to the President (Media and Publicity).
The President was quoted in the statement to have said that the NNPC losses were reduced from N803bn in 2018 to N1.7bn in 2019 and the eventual declaration of Net Profit in Year 2020 for the first time in its 44-year history.
According to the President, who doubles as Minister for Petroleum Resources, this development is consistent with his administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.
He said, “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.”
