The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement (AFS).
It shows 99.7 percent reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019.
The publication comes five months after NNPC made its 2018 AFS public.
NNPC spokesman, Kennie Obateru, in a statement on Thursday quoted the Chief Financial Officer, Umar Ajiya, as saying that the 2019 statement will be published on the corporation’s website for transparency.
He said this was in line with the principles of the Extractive Industries Transparency Initiative (EITI).
Ajiya disclosed that general administrative expenses also witnessed a 22% dip from ₦894bn in 2018 to ₦696bn in 2019.
He said the majority of NNPC subsidiaries posted improved performance namely.
They are Nigerian Petroleum Development Company Limited (NPDC) which recorded ₦479Billion profit in 2019 compared to ₦179Billion in 2018 representing 167% increase.
The Integrated Data Sciences Limited (IDSL) recorded ₦23Billion profit in 2019 compared to ₦154 million in 2018 representing 14966% increase.
The Petroleum Products Marketing Company (PPMC) recorded ₦14.2Billion profit in 2019 compared to ₦9.3Billion in 2018 representing a 52% increase.
NNPC noted that refineries have maintained the same level of losses as in 2018 but will reduce significantly in 2020 due to cost optimization drive.
The CFO explained that the improved performance in the 2019 financial year was driven mainly by cost optimization, contracts renegotiation and operational efficiency.
“The 2019 AFS goes further to demonstrate our unwavering commitment to the principle of Transparency, Accountability and Performance Excellence (TAPE) while the outlook for 2020 looks promising in view of the Management’s strong drive to prune down running cost and grow revenues”, Ajiya said.
Mele Kyari, NNPC Managing Director, had promised to sustain the AFS publication as part of efforts to deepen accountability and keep stakeholders abreast of operations.
