By Teddy Nwanunobi
President Muhammadu Buhari, on Thursday, announced a profit after tax (PAT) of N287 billion by the Nigerian National Petroleum Corporation (NNPC).
Valuechain reports that this is the first time in the 44-year history of the Corporation that such profit is being made public.
According to a State House release signed by Buhari’s Special Adviser on Media and Publicity, Femi Adesina, the announcement was in fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the NNPC.
Buhari, who doubles as Minister for Petroleum Resources, also made public the Publication of Audited Financial Statements for Year 2020.
“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 maximisation 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,” Buhari said.
Valuechain reports that the NNPC Group Managing Director (GMD), Mallam Mele Kyari, is the first chief executive officer of the Corporation to carry out the Audited Financial Statements of the NNPC.
Kyari presented the first of the Audited Financial Statements in 2018.