NNPC’s 2020 Audited Financial Statements

NNPC’s 2020 Audited Financial Statements

Following up on President Muhammadu Buhari’s recent announcement of the declaration of two hundred and eighty seven billion Naira (N287bn) Profit After Tax (PAT) in year 2020 by the Nigerian National Petroleum Corporation (NNPC), the
Corporation has consolidated on its remarkable achievement, by publishing
the Audited Financial Statements (AFS) on its official website.

A statement by Garba Deen Muhammad,
Group General Manager, Group Public Affairs Division,Nigerian National Petroleum Corporation,
NNPC says while announcing the outstanding feat a little over a fortnight ago,
President Muhammadu Buhari, who is the Minister of Petroleum Resources,
said
“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”.

In compliance with the President’s directive, the NNPC has performed the very important statutory requirement by publishing its Audited Financial Statements today.

Among the highlights of the 2020 Audited Financial Statements (AFS )is the Corporation’s
group profit which rose from a loss position of N1.7billion in 2019 to a profit of
N287billion in 2020, for the first time 44 years.

The Group Managing Director of the NNPC Mal. Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures.

Further highlights of the Audited Financial Statements (AFS )revealed that while the Corporation’s group financial
position increased in total current assets by 18.7% compared to that of 2019, its
total current liabilities increased by 11.4% within the same period.

The group working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.

Similarly, the Corporation’s group revenue for the 2020 financial year stood at
N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to global impact of
Covid-19.

This is the third consecutive year that the NNPC is publishing its Audited Financial Statements (AFS, )having done so for 2018 and 2019.

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