The Nigerian National Petroleum Corporation (NNPC) has announced a profit after tax of N287 billion in 2020, as announced by President Muhammadu Buhari.
The national oil firm’s losses were reduced from 803 billion in 2018 to 1.7 billion in 2019, and this is the first time the company has declared a net profit since its inception 44 years ago.
“I am pleased to announce the declaration of profit after tax of Two Hundred and Eighty Seven Billion Naira (N287 Billion) for the year 2020 by the Nigerian National Petroleum CorporationNNPC,” Buhari said.
This shows the government’s commitment to keeping costs down and maximizing the value of Nigerian resources for the Nigerian people. And also, this is in line with our commitment to managing resources well and creating the maximum benefit for the Nigerian people.
He commended the corporation’s board, management, and staff, saying he looked forward to increased value creation for Nigerians.
The President has ordered the NNPC to publish the audited financial statements, which is taking place because of their commitment to ensure transparency and accountability by public institutions.