The Minister of Petroleum Resources President Muhammadu Buhari on Thursday announced a N287bn profit after tax by the Nigerian National Petroleum Corporation (NNPC).
This was just as the President directed that henceforth accounts of the corporation must be audited as at when due and the report made public.
It is the first time in 44 years that the NNPC is declaring such report.
“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.”
The President supervises the Ministry of Petroleum and has supervisory roles over the corporation.