Nigerian National Petroleum Corporation (NNPC) has declared a profit of N287 billion for the first time in the 44-year history of the establishment.
Gatekeepers News reports that President Muhammadu Buhari says the NNPC announced the profit of N287 billion profit after tax in its statutory Annual Audit exercise for the Year 2020.
President Buhari in a statement signed by his spokesman, Femi Adesina on Thursday.
The statement read, “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.
Adesina stated that “This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximisation of value for the Nigerian people from their natural resources.”
According to the Spokesman, the President has further directed the NNPC to timely publish the Audited Financial statements in line with the requirements of the law and as follow up to his administration’s commitment to ensuring transparency and accountability by public institutions.
The President, therefore, congratulated “the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”
