x

NNPC Releases 2020 Audited Financial Statements

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 Corporation’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.

He said, “In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements.

“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.”

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

Hot this week

Nigeria @ 65: Sen. Akume Urges Shared Responsibility for Nation-Building

By Francis Wilfred ABUJA, Nigeria – As Nigeria prepares to...

Pathfinder International Trains 34 Journalists, Influencers on Family Planning, Maternal Health Advocacy

By Achadu Gabriel, Kaduna Pathfinder International Nigeria, in collaboration with...

Nigeria @65: FCTA Distributes Baby Kits, Gas Cookers to Pregnant Women in Abuja

By Joyce Remi-Babayeju To mark Nigeria's 65th Independence Day Anniversary,...

FG Declares Wednesday, October 1, Public Holiday to Mark Nigeria’s 65th Independence Anniversary

The Federal Government has officially declared Wednesday, October 1,...

Zulum Approves Hospital, Water Facilities, Security Measures for Violence-Hit Kirawa Community

By Achadu Gabriel, Kaduna Borno State Governor, Prof. Babagana Umara...

Senator Lalong Chairs UNIJOS Alumni Lecture, Calls for Safeguards in Justice Delivery in Digital Age

Senator Simon Bako Lalong, representing Plateau South Senatorial District...

Amnesty International Urges FG to Cut Political Spending, Prioritize Economic Diversification

By Noah Ocheni, Lokoja Amnesty International has called on the...

Kogi Government, FG Empower 8,600 Households with Cash Transfer Programme

By Noah Ocheni, Lokoja The Kogi State Government, in partnership...

Anambra Community to Bury Traditional Ruler October 9

The Oko community in Orumba North Local Government Area...

Security: Wike Lights Up Abuja Districts, Flags – Off integrated Solar Lighting Project

By Joyce Remi-Babayeju The FCT Minister, Barr. Nyesom Wike, on...

Gov Sule Flags Off Bursary Disbursement, Reiterates Commitment to Education

By Abel Leonard, Lafia Governor Abdullahi Sule of Nasarawa State...

Related Articles

Popular Categories

spot_imgspot_img