Nigeria National Petroleum Corporation has declared a net profit for the year 2020.
The state hydrocarbon firm announced, through the President of the country, a Profit after Tax of Two Hundred and Eighty-Seven Billion Naira (₦287 Billion) in the Year 2020, sequel to the completion of the statutory Annual Audit exercise for the Year 2020.
“The NNPC losses were reduced from ₦803 Billion in the year 2018 to ₦1.7 Billion in the year 2019 and the eventual declaration of Net Profit in the Year 2020 for the first time in its 44-year history”, a statement by Femi Adesina, Special Adviser (Media and Publicity), to President Muhammadu Buhari, said.
“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.
NNPC published an audited annual report for the first time in 2019; it was the 2018 annual report. It published the 2019 annual report in August 2020, exactly a year ago.
The media has been so excited by the fact that NNPC now publishes audited annual reports that the default response is to praise the NNPC management for the achievement of publishing an audited annual report. The content of the reports, with the exception of the worn-out conversations around the corporation’s malfunctioning crude oil refineries, is hardly debated.
President Buhari’s own statement on the report toes the line: “I congratulate the Board, Management, and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”