For the first time in forty-four (44) years, the Nigerian National Petroleum Corporation (NNPC) has declared a profit after tax (PAT) of N287 billion for the financial year ended 2020.
This is according to a communiqué signed by the special media aide to the President, Femi Adeshina.
As part of the campaign mantra, the APC- led Federal Government had promised to among others things ruthlessly fight corruption. In tackling this menace headlong, the president recently pledged to publicly declare the financial position of the NNPC, for the first time since in many years. The president also revealed that the institution was poised to declare its first profit in over four decades.
Commenting on the recent development, the President of the Federal Republic of Nigeria, President Muhammadu Buhari, who also doubles as the minister of petroleum, 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.’’
In conclusion, the President congratulated the Board, management and staff of the corporation for their stellar performance. He promised to use his capacity to create more value for the overall good of the Nigerian people.