President Muhammadu Buhari, who doubles as Minister of Petroleum Resources, has announced a Profit after Tax of N287 billion by the Nigerian National Petroleum Corporation (NNPC) in 2020.

The president made the declaration in a statement by his Special Adviser on Media and Publicity, Mr Femi Adesina, on Thursday in Abuja.

President Buhari stated that the declaration was in fulfilment 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 the Year 2020 by the Nigerian National Petroleum Corporation.

”This is the sequel to the completion of the statutory Annual Audit exercise for the Year 2020.

”The NNPC losses were reduced from N803 billion in the year 2018 to N1.7 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.

“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.”