By Samuel Bankole
The state-run oil giant, the Nigerian National Petroleum Corporation (NNPC), posted a net Profit After Tax (PAT) of N287 billion for 2020 financial year.
According to a statement by Femi Adesina, presidential spokesman, the PAT was historic in the 44-year of the establishment of the corporation.
President Muhammadu Buhari has disclosed a Net Profit, first time in the 44-year history of the establishment.
According to the President, who doubles as Minister for Petroleum Resources, the corporation has consistently reduce its losses since 2018 financial year.
“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.
“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people,” President Buhari was quoted by his spokesman.