On Thursday 26th August 2021, President Muhammadu Buhari announced the declaration of Profit after Tax (PAT) of two hundred and eighty-seven billion nairas in the Year 2020 by the Nigerian National Petroleum Corporation NNPC.
According to Buhari in a post on his verified Facebook page, he has directed the NNPC to publish the Audited Financial statements “in line with the requirements of the law”.
“I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (N287 Billion) in the Year 2020 by the Nigerian National Petroleum Corporation NNPC,” Buhari said.
“This is the sequel to the completion of the statutory Annual Audit exercise for the Year 2020.
“The NNPC losses were reduced from N803 Billion in the year 2018 to N1.7 Billion in the year 2019 and the eventual declaration of Net Profit in the Year 2020 for the first time in its 44-year history.
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“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.
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“I congratulate the Board, Management, and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”
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