Buhari Announces NNPC’s $697m Profit After Tax

Nigeria’s National Petroleum Corporation (NNPC) recorded N287 billion, some $697 million in 2020, the first time in the 44-year history of the establishment, the country’s President Muhammadu Buhari has announced.

Mr Buhari who doubles as the Minister for Petroleum Resources on Thursday said the announcement was in fulfilment of an earlier pledge by the Federal Government to publicly announce the financial position of the state-owned oil company.

The Nigerian leader through a statement by his media adviser, Femi Adesina noted that the “NNPC losses were reduced from N803 Billion in year 2018 to N1.7 Billion in year 2019.”

“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 statement read.

“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.”

By Abel Ejikeme

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