President Muhammadu Buhari has joyfully announced a Profit after Tax (PAT) of N287billion in the 2020 financial year by the Nigerian National Petroleum Corporation (NNPC).
The net profit was the first time in the 44-year history of the Corporation.
A communique by the President’s Special Adviser on Media and Publicity, Femi Adesina, said the declaration of the result was in fulfillment of an earlier pledge by the Federal Government of Nigeria to publicly declare the financial position of the NNPC.
President Buhari, who doubles as Minister of Petroleum Resources said: “I am pleased to announce the declaration of PAT of 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 N803billion 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.”
Buhari congratulated the Board, Management and Staff of the Corporation, saying, he looks forward to greater value creation for the Nigerian people.