Nigeria State Oil Firm NNPC Announces ₦287bn Profit after Tax

Fuel Scarcity: There is no Cause for Alarm - NNPC
Fuel Scarcity: There is no Cause for Alarm – NNPC

The Nigerian National Petroleum Corporation (NNPC) has declared ₦287 billion as its profit after tax for the year 2020.

The figure was announced on Thursday by President Muhammadu Buhari, who doubles as Minister of Petroleum Resources, in a statement by his Special Adviser on Media and Publicity, Femi Adesina.

President Buhari stated that the declaration was in fulfilment of an earlier pledge by the Federal Government to publicly announce the financial position of the NNPC.

He noted that the net profit was the first in the 44-year history of the establishment.

“I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (₦287 billion) in the Year 2020 by the Nigerian National Petroleum Corporation.

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”This is sequel to the completion of the statutory Annual Audit exercise for Year 2020.

“NNPC losses were reduced from ₦803 billion in year 2018 to ₦1.7 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.

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“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people,” he said.

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