NNPC releases 2020 audited financial statements

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

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• The Nigerian National Petroleum Company Limited generated N20.9tn between April and July 2025.
• The Nigerian National Petroleum Company Limited (NNPCL) has released its audited financial statements for the 16-month period ending December 2022.According to the statement released on Thursday, NNPC said its revenue increased to N8.81trillion in 2022.
• 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.
• “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.
• “The Group Managing Director of the NNPC, 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 document also showed that the revenue of NNPC Group rose by 37.32 percent — from N6.42 trillion in 2021. Igbo apex group Ohanaeze Ndigbo has said no Igbo man including Peter Obi will contest presidency in 2027 against the incumbent President, Bola Ahmed Tinubu, saying that the possibility of the Southeast producing the president of Nigeria can only be achieved in 2035, not 2027. The Government of Kano State will continue to hold the media in high esteem, but only for ethical and responsive journalism. As the media nurtures public conscience with truth and fact, the government urges credible platforms not to allow unpatriotic groups or individuals to use their respected medium to mislead or misinform the public. The previous administration recklessly governed Kano for eight corruption-driven years with traces of multiple accounts operated by the former First Lady and purchases of houses in Dubai and Saudi Arabia. First, government makes bold to say every cash outflow into Ministries, Departments, and Agencies is properly budgeted with clear codes well spelt out in the fiscal policy of the state.

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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.

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 Nigerian National Petroleum Company Limited (NNPCL) has released its audited financial statements for the 16-month period ending December 2022.According to the statement released on Thursday, NNPC said its revenue increased to N8.81trillion in 2022. In June, it was disclosed that the total amount remitted to the Federal Government was N7.97tn, indicating that N1.01tn was the statutory payment in June. From the July report released on Friday, it was reported that NNPC recorded a substantial decline in its profit after tax, dropping from N905bn in June to N185bn in July.

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The Nigerian National Petroleum Company (NNPC) Limited, in its 2023 Audited Financial Statement (AFS), has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, translating to an increase of over 700 billion (28%) when compared to the 2022 profit of N2.548 trillion. The organisation has been bothered about the relapse in the company, especially in the aspect of public disclosures. NNPCL is a member of the Extractive Industries Transparency Initiative (EITI), a global body that promotes the open and accountable management of oil, gas and mineral resources.

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• Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
• “Our fiscal performance reflects both strategic foresight and operational resilience.
• Without prejudice to the ongoing litigation on the matter, the state government is obliged to avail the public with the nitty-gritty of the Directorate of Protocol’s operations at Kano Government House, which is not different from structures obtainable in all states and the federal government.
• 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 theCovid-19 pandemic.
• “Governor Ganduje completed his tenure with diligence and transparency,” Garba stated, emphasizing that the former governor prioritized development and the responsible management of state resources throughout his time in office.
• 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.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated. The group’s working capital remained below the line at ₦4.56trillion in 2020 as against ₦4.44trillion in 2019, the AFS further revealed. The group’s working capital remained below the line at N4.56 trillion in 2020 as against N4.44 trillion in 2019, the AFS further revealed. Recall that the new Group Chief Executive Officer of NNPC, Bayo Ojulari, started the release of the company’s monthly reports, giving summaries of its financial and operational activities each month.

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.

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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.

NNPC also remitted N7.97tn to the federation account as statutory payments between January and June. NNPC’s spokesperson, Garba Deen Muhammad, in a statement on Wednesday, said the release followed President Muhammadu Buhari’s directive for the corporation to meet its statutory requirements. She confirmed that NNPC Ltd is targeting 2 million barrels per day of crude oil production by the end of the year (2024). Checks by Advisors Reports based on available data indicated that the company posted its first-ever profit of ₦287 billion in 2020. Olufemi Soneye,  Chief Corporate Communications Officer, NNPC Ltd made this known in a statement obtained by Advisors Reports on the sideline of the world press conference held at the NNPC Towers in Abuja on Monday.

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. Further highlights of the AFS revealed that while the Corporation’s Nnpc Publishes 2020 Audited Financial Statements group financialposition increased in total current assets by 18.7% compared to that of 2019, itstotal current liabilities increased by 11.4% within the same period. Further highlights of the AFS revealed that while the Corporation’s group financialposition increased in total current assets by 18.7% compared to that of 2019, itstotal current liabilities increased by 11.4% within the same period. The Group Managing Director of the NNPC Mallam 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.