President Muhammadu Buhari, who doubles as the country’s Minister for Petroleum Resources, on Thursday announced that the Nigerian National Petroleum Corporation (NNPC) has made a profit of N287 billion for 2020, the first time in 44 years.
It will be a four-decade record for the state-owned firm that has always closed its business year in the red.
And it follows the NNPC gradually cutting its losses from N803 billion in 2018 to N1.7 billion in 2019.
The piece of cheery news came through a Press Release from the State House, signed by Femi Adesina, Special Adviser to the President on Media and Publicity.
The President has promised to make the full details known in subsequent publications and has mandated the corporation to push out in the coming days to show transparency.
Aptly titled, “President Buhari Announces Profit After Tax By The NNPC, And Publication Of Audited Financial Statements For Year 2020,” the statement reflected the upbeat mood of the President, who passed his congratulations to the handlers of the corporation “and look forward to greater value creation for the Nigerian people.”
The full text read: “In fulfilment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation, President Muhammadu Buhari has disclosed a Net Profit, first time in the 44-year history of the establishment.
“According to the President, who doubles as Minister for Petroleum Resources, ‘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 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.
“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”