National Oil & Gas

President Buhari announces ₦287b NNPC Profit After Tax for 2020

National Assembly transmits Electoral Bill to Buhari for assent

By Enaibo Asiayei 

The Nigerian National Petroleum Corporation (NNPC) made of N287billion after paying tax in 2020, President Muhammadu Buhari has claimed.

Buhari made this disclosure in a statement by his Special Adviser on Media and Publicity Femi Adesina on Wednesday.

He said the President’s announcement was in fulfillment of an earlier pledge by his administration to publicly declare the financial position of the NNPC.

“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,” he said.

“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.”

Buhari, who doubles as Minister for Petroleum Resources noted 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.

The statement added that the president had further directed the NNPC to timely publish its 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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