NNPC consolidates on gains, publishes 2020 Audited Financial Statements

It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019. Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company. The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion. Meanwhile, NNPC’s remittances to the government have repeatedly come under scrutiny by local and international organisations. Earlier this year, the World Bank said NNPC was remitting only half of the financial gains from the removal of petrol subsidies due to debt arrears.

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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 the global impact of the Covid-19 pandemic. Similarly, the Corporation’s group revenue for the 2020 financial year stood atN3.718trillion as against N4.634trillion in 2019, a decrease that could be attributedto the decline in the production and price of crude oil due to the global impact of theCovid-19 pandemic. Similarly, the Corporation’s group revenue for the 2020 financial year stood at ₦3.718trillion as against ₦4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic. Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718 trillion as against N4.634 trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic. Similarly, the Corporation’s group revenue for the 2020 financial year stood atN3.718trillion 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 the global impact of the Covid-19 pandemic. However, the Corporation’s group revenue for the 2020 financial year stood at N3.718  trillion 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 the global impact of the COVID-19 pandemic.

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In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today. Among the highlights of the 2020 AFS is the Corporation’s group profit, which rose from a loss position of N1.7billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years. The Group Managing Director of the NNPC Malam 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.

The general administrative expenses also dropped by 22% to N696 billion in 2019 from the N894 billion recorded in the previous year. In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year. “Gross revenues collected by Nigeria’s main revenue agencies surged in 2024, despite minimal remittances from NNPCL. FAAC data showed that gross revenues collected by the main revenue agencies (FIRS, NCS, NNPCL, and NUPRC) rose significantly from N16.5tn (seven per cent of GDP) in 2023 to N29.5tn (10.6 per cent of GDP) in 2024. “In line with the report we have, Area 5 of the refinery is ready; it has just a little logistics problem left.

Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7 per cent compared to that of 2019, its total current liabilities increased by 11.4 per cent within the same period. The group’s 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 the global impact of the Covid-19. This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019. Further highlights of the 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. “Further highlights of the 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.

NNPC Releases 2023 Audited Financial Statement

So, I also believe that with what the new GCEO is trying to do, the refineries are a priority. IPMAN Publicity Secretary, Chinedu Ukadike, told our correspondent in an interview that the revamp of the refineries would ensure enough fuel supply in the country. With technocrats in place, Ukadike believed that refineries would work, urging the NNPC to ensure zero tolerance for corruption. The PUNCH reported in June that the Federation Account Allocation Committee revealed that NNPC owed the Federal Government N6.57tn as of May 2025.

• Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718 trillion as against N4.634 trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.
• In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
• Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
• The general administrative expenses also dropped by 22% to N696 billion in 2019 from the N894 billion recorded in the previous year.
• This came as petroleum marketers urged the national oil firm to fast-track the revamp of the Port Harcourt, Warri, and Kaduna refineries, as it’s now generating trillions of naira.

Company

Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years. Following up on President Muhammadu Buhari’s recent announcement of the declaration N287 billion profit after tax in year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website. According to the statement, the Corporation’s group profit grew from a loss position of N1.7billion in 2019 to a profit Nnpc Publishes 2020 Audited Financial Statements of N287 billion in 2020, for the first time in 44 years. SaharaReporters.com is an outstanding, groundbreaking news website that encourages citizen journalists to report ongoing corruption and government malfeasance in Africa. On the issue of land administration, Garba defended Ganduje’s policies, stating that the former governor implemented systems to protect public assets and ensure lawful land management. “Assertions of land grabbing are inaccurate and unfairly tarnish the reputation of a leader committed to transparency,” Garba noted.

The government of Kano state therefore, wishes to send a word of caution to the opposition figures to disengage from the deliberate spread of lies and misinformation. While the government welcomes constructive criticism and lawful scrutiny, it will not hesitate to seek legal redress against those who persist in maligning its officials or attempting to incite the public with baseless allegations. Among the highlights of the 2020 audited report is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years, the corporation said. He said the 2019 audited financial statement demonstrates the Company’s commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE).

It said that, out of the N1.1tn revenue from crude sales and other income in 2024, NNPC remitted only N600bn, leaving a deficit of N500bn unaccounted for. “These are important to checkmate the unnecessary exorbitant prices of petroleum products, knowing that this petroleum product is very essential. The refineries should not be in the hands of entrepreneurs, or else they will exploit Nigerians. As the oil firm’s GCEO refused to privatise the government refineries, the Independent Petroleum Marketers Association of Nigeria urged him to do everything possible to hasten the revamp of the refineries in Port Harcourt, Warri, and Kaduna. As of the time of the report, it was stated that NNPC had yet to remit another N2.52tn in outstanding tax liabilities payable to the Federal Inland Revenue Service.

• Under the watch of the former GCEO, Mele Kyari, the company declared its 2023 audited financial statement in August 2024.
• In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today (Wednesday).
• Similarly, the Corporation’s group revenue for the 2020 financial year stood atN3.718trillion as against N4.634trillion in 2019, a decrease that could be attributedto the decline in the production and price of crude oil due to the global impact of theCovid-19 pandemic.
• The Nigerian National Petroleum Corporation (NNPC) has published its 2020 audited financial statements.
• On the issue of land administration, Garba defended Ganduje’s policies, stating that the former governor implemented systems to protect public assets and ensure lawful land management.
• The outstanding remittances were royalties, taxes, and dividends unpaid between June 2023 and April 2025.

Members of the public should note that the Government of Kano State has absolutely nothing to hide. The administration is fully committed to transparency and accountability, and as such, any government official, including the Director-General of Protocol, is always ready to provide explanations to anti-graft agencies whenever necessary to give clarifications on their activities and official engagements. The government encourages lawful processes and remains confident that its officials can fully explain and defend their actions in line with due process and public service regulations.