NNPC posts first profit of N287 billion after 44 years of existence

Known for loss making in the past 44 years of its existence, the Nigerian National Petroleum Corporation (NNPC) has declared a N287 billion profit after tax (PAT).

Although the audited report, which produced the figure is yet to be released, President Muhammadu Buhari, yesterday, said the 2020 financial report showed that the state oil firm made N287 billion in 2020.

Unlike other national oil companies, NNPC has been a loss-making entity, renowned for anomalies, undue political interference and shades of burden. In a statement by the Special Adviser to the President, Femi Adesina, the Nigerian leader, who is also the substantive Minister of Petroleum Resources, said the development was a fulfilment of an earlier pledge by the Federal Government to publicly declare the financial position of the corporation.