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Home Government President Buhari Excited over NNPC’s Profit after Tax
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President Buhari Excited over NNPC’s Profit after Tax

By
Femi Adesina
-
August 26, 2021
President Muhammadu Buhari
President Muhammadu Buhari

President Buhari Excited over NNPC’s Profit after Tax

In fulfillment 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.

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“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.”

Femi Adesina
Special Adviser to the President
(Media and Publicity)
August 26, 2021

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Ganduje: A Lifetime of Service Beyond Politics By Garba Yusuf AbubakarDCP Olumuyiwa Adejobi: The Spokesperson Who Redefined Police CommunicationNSCDC, Army Foil Bandit Attack on Plateau FarmersEid El-Maulid: Kwara Gov Urges Muslims To Embrace Unity, Shun PartisanshipTroops Eliminate Bandits, Rescue Abductee, Recover Motorcycles in KatsinaMilitary Foil Terrorists Attack, Recover Dozens of Rustled Livestock in Sokoto, KebbiTroops Recover Weapons in Kwara Operation, Donate Fertiliser to Farmers in ZamfaraTroops Ambush Militia Plotting Attack on Plateau VillagersRECOMMENDED: Godfatherism the Ododo-Bello Way!! By Nafisat BelloBUKAA Announces 2025 AGM at BUK New Campus: Join In-Person or VirtuallyNigeria’s War on Illegal Mining Needs the Media on the Frontlines By Zekeri Idakwo LarubaBuilding Resilience: Crisis Communication in Modern Organizations By Princewell N. AchorIGP Egbetokun Appoints CSP Hundeyin as New Force PROMilitary Explains Why Retirees Can’t Benefit from New Minimum Wage ChartCustoms Begins Live Operations of Automated Excise Register System
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