President Muhammadu Buhari, who is also the Minister of Petroleum Resources, announced a Profit after Tax of N287 billion by the Nigerian National Petroleum Corporation (NNPC) in 2020 on Thursday.

The president made the declaration in a statement by his spokesman Femi Adesina in Abuja.

Mr Buhari stated that the declaration was in fulfillment of an earlier pledge by the federal government to publicly announce the financial position of the NNPC.

He noted that the net profit was the first in the 44-year history of the establishment.

“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.

”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,” he said.


https://gazettengr.com/buhari-declares-n287-billion-nnpc-profit/

Lol

...Money wey don finish...

How about you Withdrawal the half for Noor marriage. Since you become a president just to marry your children with government money

Scammers

30 percent of this will be deployed into looking for oyel in Sambisa.

What you don't know is that there is oil in Sambisa. A lot of military vehicles got blown up there thereby causing their fuel tanks also ripped off and fuel spilled into the drains.

This spilled oil can power about 67 millions cows in the north which will in turn serve as biofuels reserve.

I graduated from Usman Fodio University.

.

Audio profit, next headline will be Senate has approved $2.5 trillion loan.

Ineffective as President.
Inefficient as Petroleum Minister.
Proven to be a total failure after 3 attempts.

Great endeavour

Eventually, profits were made now that 30% of it will go to the north.

KillMNKnow:
How about you Withdrawal the half for Noor marriage. Since you become a president just to marry your children with government money

What's the essence of that picture

Cashio:
Eventually, profits were made now that 30% of it will go to the north.

Is Buhari also responsible for the failure of NNPC to make a single kobo as profit during the 16 years of PDP rule?

Nigerians don’t like good news and it’s so sad. Why are you guys trying to downplay this wonderful development. NNPC has not declared profit for about 40 years so this is such a big deal. It speaks to the excellent reforms that the current administration carried out in the corporation.

I just hope that the profit making model is institutionalized and sustained. Kudos to the president and his team.