Breaking! NNPC makes history, declares N287bn profit after tax, first time in 44 years

Nigeria’s state-owned national oil company, Nigerian National Petroleum Corporation (NNPC) has broken its own 44 years loss-making history since it was established by recording a profit after taxation of N287 billion, for the year ended December 31, 2020.

President Muhammadu Buhari, who  also serves as minister for petroleum resources, made the declaration on Thursday in a statement released by  Femi Adesina, special adviser to the president on media and publicity.

According to the president, NNPC’s losses posted a reduction from N803 billion in 2018 to N1.7 billion in 2019 and the eventual declaration of net profit in the year 2020 for the first time in its 44-year history. He added that the accomplishment is sequel to the completion of the statutory annual audit exercise for year 2020,

He noted that the 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.

Buhari further disclosed that he has directed the NNPC to timely publish the audited financial statements in line with the requirements of the law and as follow up to the government’s 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,” he added.