President Muhammadu Buhari has announced that the Nigerian National Petroleum Corporation (NNPC) has made a profit for the first time in its 44-year history, generating an income of 287 billion naira ($698 million) after tax in 2020.
The president made this announcement in a statement by his Special Adviser on Media and Publicity, Femi Adesina, on Thursday in Abuja.
According to Buhari, the declaration was in fulfilment of an earlier pledge by the Federal Government to publicly announce the financial position of the NNPC.
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.
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“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.”