By Ikenna Omeje

President Muhammadu Buhari has said that the Nigerian National Petroleum Corporation (NNPC)  has declared a profit after tax of  N287 billion in 2020.

Announcing this in a post via his official Facebook page on Thursday, Buhari noted that the national oil firm losses were reduced from N803 billion in 2018 to N1.7 billion in 2019, adding that this is the first time the company is declaring net profit in 44 years of its existence.

“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 CorporationNNPC,” Buhari said.

“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.”

The President also disclosed that he has further directed the NNPC “… 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.”

He congratulated the Board, Management and Staff of the Corporation, saying he looks forward to greater value creation for the Nigerian people.