The Nigerian National Petroleum Company (NNPC) has declared that N3.3 trillion profit was realized from transactions in 2023, an increase of over N700 billion when compared to 2022.
NNPC said that the profit is 28 percent higher than the funds realized during the previous year which was N2.548 trillion.
The profit was contained in its 2023 Audited Financial Statement (AFS) which the oil firm made public on Monday.
Revealing contents of the financial report at the NNPC Towers in Abuja, the chief financial officer for the firm, Umar Ajiya, said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such impressive returns demonstrates NNPC commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.
Earlier at the press conference, the Chairman of the NNPC Board, Pius Akinyelure, said that the excellent performance came as the fruit of the PIA 2021, and the commitment of the Board, Management and staff of the company.
Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
In her remarks at the briefing, the Executive Vice President, Upstream, Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC is targeting 2 million barrels per day crude oil production by the end of the year.
It would be recalled that in 2021, NNPC declared a profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548 trillion, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
