The Nigerian National Petroleum Corporation (NNPC) says it has recorded a 99.7 per cent reduction in its loss profile from ₦803billion in 2018 to ₦1.7billion in 2019.
NNPC disclosed this in its 2019 Audited Financial Statement (AFS), released by Dr kennie Obateru, spokesman for the corporation, in Abuja, on Thursday.
It will be recalled that the corporation in May published its 2018 AFS and assured of quick released of the 2019 report.
This, According to NNPC Group Managing Director Malam Mele Kyar was in line with effort to ensure transparency and accountability in its operations.
Obateru, quoted the NNPC Chief Financial Officer (CFO), Mr Umar Ajiya, as saying that the 2019 AFS was concluded five months after the release of that of 2018.
He said that the 2019 report would be published on the Corporation’s website for all to see in keeping with the management’s commitment to transparency and accountability.
This, he added was also in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of which it was a partner.
A breakdown of the report disclosed that general administrative expenses also witnessed a 22 per cent dip from ₦894bn in 2018 to ₦696bn in 2019.
The subsidiaries are the Nigerian Petroleum Development Company Limited (NPDC) which recorded ₦479 billion profit in 2019 compared with ₦179billion in 2018, representing 167 per cent increase.
Source: Vanguard News