Buhari declares N287 billion NNPC profit
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.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Rights
UTME: JAMB’s AI plan could exclude visually impaired candidates, CITAB warns
Mr Fenemigho, however, warned that without deliberate preparations, the initiative could remain an ambitious idea rather than a project.
Sport
FIFA, Adidas unveil 2026 World Cup final match ball
The match ball is inspired by the FIFA World Cup trophy, featuring a striking white, black, and gold design.
Heading 4
Tinubu directs probes of X, Meta over alleged exploitation of news content
Mr Ijagwu said that under the new investigation, areas of interest include allegations of market dominance and potential anti-competitive conduct.
Heading 1
Tinubu hails Nigerian Army’s role in national, regional security
Mr Tinubu said the army’s contributions have safeguarded Nigeria’s sovereignty while strengthening peace and stability across Africa and beyond.
Education
Security agencies working to rescue abducted pupils, teachers, Oyo govt tells families
The state government said in a statement on Monday that it remained fully committed to ensuring the victims’ safe return to their families.
Sport
2026 World Cup: ‘You’ve been trying to kill me for 23 years,’ Ronaldo tells journalists
Ronaldo condemned some journalists who have taken pleasure in casting a harsh spotlight on him, saying it had been the same since he was 18 years old.
