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NNPC records N287BN net profit in 2020

By Monsurudeen Olowoopejo

The Nigerian National Petroleum Corporation (NNPC) has recorded N287 Billion as net profit for Year 2020, the first since the establishment of the corporation 44 yeas ago.

NNPC’s net profit for the year was finalised and announced after completion of the statutory Annual Audit exercise for 2020 which marked a turn around for the corporation considering losses recorded in previous years.

The profit recorded by the corporation was announced by

President Muhammadu Buhari, who announced profit on Thursday at the Villa , he said that the funds realised by NNPC was made public in fulfillment of an earlier pledge made by his administration to Nigerians since assumption of office.

Speaking further on the profit recorded by the corporation, Buhari, who doubles as Minister for Petroleum Resources, stated that the achievement indicated the administration’s determination to prudently manage public resources effectively.

The president, meanwhile, directed NNPC to timely publish the audited financial statements as stipulated by law, saying this is to serve as a commitment to ensuring transparency and accountability by public institutions.

Buhari through a statement by his Special Adviser Media and Publicity, Femi Adesina, commended the staff and management of the corporation for the achievement recorded in 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 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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