NNPC records N287bn Profit after Tax for 2020

The Nigerian National Petroleum Coporation has declared a Profit after Tax of Two Hundred and Eighty Seven Billion Naira (N287 Billion) in Year 2020 .

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.

The Nigerian President, Muhammadu Buhari who was reacting to the declaration said in Facebook post that  the development was “consistent with this administration’s commitment to ensure prudent management of resources and maximisation of value for the Nigerian people from their natural resources.”

The President 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.”

He further congratulated the Board, Management and Staff of the Corporation adding that he looked “forward to greater value creation for the Nigerian people.”