Pres Buhari signs
BreakingOil & GasTop StoryTrending Story

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

581

 

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.’’

Leave a comment

Related Articles

Annie’s Slip, Davido’s Triumph, and the Unforgettable Moments at Headies’‘Back to Base’

Stepping onto the 17th Headies Awards stage at the Landmark Event Centre...

Lagos Hotel Drug Bust Nets NDLEA N1.04bln Haul

In another significant crackdown on drug trafficking, the National Drug Law Enforcement...

FCT Minister Wike Launches Crackdown on Unregistered Hospitals, Quack Practitioners

Determined to improve the integrity of the capital’s healthcare system, the Federal...

Pope Francis Laid to Rest in Rome’s Santa Maria Maggiore Basilica

Pope Francis was buried inside his favourite Rome church, the Santa Maria...

WTO’s Okonjo-Iweala Calls on Africa to Boost Intra-Regional Trade Amid US Tariffs

Faced with broad tariffs declared by the United States on African goods,...

Information Commissioners in APC-Controlled States Hail Tinubu’s Reforms, Nigerians’ Resilience

President Bola Tinubu’s administration received commendation from Information Commissioners of APC-controlled states...

NDLEA, NAPTIP Inaugurate Taskforce to Combat Drug, Human Trafficking

In a strategic move to combat the intertwined threats of human trafficking,...

Climate Change Exacerbates Nigeria’s Food Security Issues, Agric Minister Warns

Nigeria’s food security challenges, exacerbated by climate change, require adaptive solutions, Agriculture...

Freedom at Last: Jude Okoye Released After Two Months in EFCC Custody

It’s a moment of relief and celebration for Nigerian singer Paul Okoye,...

Rivers New Administrator Makes First Appearance at NEC Meeting

The Sole Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas, made...

NDLEA, NYSC Eye Closer Anti-Drug Collaboration

To tackle substance abuse effectively, the Chairman/CEO of the National Drug Law...

Breaking: PDP’s Delta Gov. Oborevwori, Okowa, Others Defect to APC

Amid speculation and denials, Governor of Delta State, Sheriff Oborevwori, the immediate...

Pres. Tinubu returns to Abuja after two-week working visit to France, UK

President Bola Tinubu on Monday evening returned to Abuja after a two-week...

President Tinubu Mourns Pope Francis, Hails Late Pontiff as ‘Voice of Justice for the World’s Forgotten’

President Bola Ahmed Tinubu has expressed deep sorrow over the passing of...

Breaking: Pope Francis, 88, exits

The Vatican has confirmed the passing of Pope Francis, the 266th Pope...

NIPR Spokesperson of the Year 2025: GOCOP Congratulates NNPCL’s Femi Soneye on Prestigious Award

The Guild of Corporate Online Publishers (GOCOP) has extended its heartfelt congratulations...

Update: Lagos Building Collapse Claims 5 Lives, 13 Survive

The devastating multi-storey building collapse which occurred on Saturday morning at Oremeta...

Ojodu-Berger Building Update: Rescue Teams Pull Out Five Survivors

Five people have so far been rescued from the rubble of the...

Breaking: Lagos Building Collapse: Many Feared Trapped as Multi-Storey Building Crumbles

A four-storey building on Saturday morning collapsed in Lagos with occupants trapped,...

NDLEA Raid in Abuja Turns Violent, Three Operatives Sustain Gunshot Injuries

Three National Drug Law Enforcement Agency (NDLEA) officers were hospitalized on Thursday...