Buhari applauds NNPC for record N287billion net profit in 44 years

*President Muhammadu Buhari has directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial statements 2020 in line with the requirements of the law, and his administration’s commitment to ensuring transparency and accountability by public institutions

Isola Moses | ConsumerConnect

For the very first time in 44 years of existence of the state oil firm, Nigerian President Muhammadu Buhari, GCFR, who doubles as the Minister for Petroleum Resources, has announced a Profit After Tax (PAT) of N287billion by the Nigerian National Petroleum Corporation (NNPC) in 2020.

President Buhari declared the Corporation’s net profit in a statement Mr. Femi Adesina, his Special Adviser on Media and Publicity, issued Thursday, August 26, 2021, in Abuja, FCT.

The declaration is in fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the NNPC, said Buhari.

The statement noted the President affirmed that the latest net profit is the first in the 44-year history of the foremost oil and gas establishment in the country.

Buhari said: “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty Seven Billion Naira (N287billion) 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.”

The statement further Buhari as saying, “this development is consistent with this administration’s commitment to ensuring prudent management of resources and maximisation 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.”

The President congratulated the Board, Management and Staff of the Corporation, and said he looked forward to greater value creation for the Nigerian people.