NNPC Declares Profit for the First time in Four Decades.

The Nigeria National Petroleum Corporation has declared profit for the First time in a long while.

Its been almost 4 decades since the NNPC last declared profit.

It will be a four-decade high for the state-owned company, which has always ended the fiscal year in the red.

It also comes on the heels of the NNPC gradually reducing its losses from N803 billion in 2018 to N1.7 billion in 2019.

The President has vowed to make the entire details public in forthcoming publications and has directed the corporation to issue a press release in the coming days to demonstrate transparency.

In a statement released by the president on his verified Facebook page, the president said; “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 NNPC.”

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“This is sequel to the completion of the statutory Annual Audit exercise for Year 2020.” He said.

Going further the president who also doubles as the minister for petroleum said “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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I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.