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Buhari excited about another feat by 44-year-old NNPC, announces N287bn as its 2020 profit-after-tax

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Another first, landmark achievement has been recorded by the Buhari administration, this time in the Nigerian National Petroleum Corporation (NNPC) under the helmsmanship of the Group Managing Director, Malam Mele Kyari, few weeks after the feat of passing the 12-year-old Petroleum Industry Bill now known as the Petroleum Industry Act 2021.

 

In the Corporation’s 44 years of existence, President Muhammadu Buhari on Thursday announced N287 billion profit-after-tax made by it.

He said the declaration of profit is in fulfillment of an earlier pledge by his administration to make public 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.

“This is sequel to the completion of the statutory Annual Audit exercise for Year 2020,’’ Persecondnews quotes Buhari as saying in a post on Facebook.

 

Mallam Mele Kyari

Noting with satisfaction that NNPC’s losses were reduced from N803 billion in 2018 to N1.7 billion in 2019, the President, who also superintend over the Ministry of Petroleum Resources, directed the Corporation’s management to henceforth ensure timely publication of its audited accounts.

“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,’’ Buhari wrote.

In a six-paragraph statement, Buhari, excited by the development, also said:“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.’’

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