The Nigerian National Petroleum Corporation (NNPC) has published its Audited Financial Statements (AFS) for the year 2020.
A statement by the Group General Manager, Public Affairs Division, Garba Deen Muhammad, stated that the Corporationâ€™s group revenue for 2020 was N3.718 trillion, down from N4.634 trillion in 2019.
He attributed the decrease to decline in production and fall in the price of crude oil due to the global impact of COVID-19.
â€œIn compliance with the presidentâ€™s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements.
â€œAmong the highlights of the 2020 AFS is the corporationâ€™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.â€