The Nigerian National Petroleum Corporation (NNPC) registered 287,000 million naira, about 697 million dollars in 2020, the first time in the 44-year history of the establishment, announced the president of the country, Muhammadu Buhari.
Buhari, who is also the Minister of Oil Resources on Thursday, said the announcement was in fulfillment of a previous commitment by the Federal Government to publicly announce the financial situation of the state oil company.
The Nigerian leader through a statement from his media advisor, Femi Adesina noted that “NNPC’s losses were reduced from N803 billion in 2018 to N1.7 billion in 2019.”
“I am pleased to announce the declaration of after-tax earnings of two hundred and eighty-seven billion naira (287 billion naira) in the year 2020 by the National Petroleum Corporation of Nigeria. This is a sequel to the completion of the annual regulatory audit exercise for 2020, ”the statement read.
“NNPC losses were reduced from N803 billion in 2018 to N1.7 billion in 2019 and the eventual declaration of net profit in 2020 for the first time in its 44-year history.
“This development is consistent with this administration’s commitment to ensuring prudent resource management and maximizing the value to the Nigerian people of its natural resources.
“In addition, I have directed the National Petroleum Corporation of Nigeria to release audited financial statements in a timely manner in accordance with the requirements of the law and as a 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 further value creation for the Nigerian people.”