NNPC’s 2nd profit of N674bn another proof of Buhari’s midas touch – BMO

President Muhammadu Buhari has successfully repositioned the Nigerian National Petroleum Company Limited (NNPC) on the path of growth, development and profitability.

The Buhari Media Organisation (BMO) made this declaration in reaction to the announcement that the national oil company made a second profit after tax of N674 billion in 2021, after years of loss-making operations.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, the group said “more than making a profit, the oil giant progressed in performance level by 134.8 percent year-on-year growth; its total liabilities decreased by 8.3 per cent from N14.68 trillion in 2020 to N13,46 trillion in 2021.

“It also recorded an increase in total assets from N15.86 trillion in 2020 to N16.27 trillion in 2021. This is a result of President Buhari’s exemplary leadership and political will.

“Forty-four years after recording continuous deficit, the oil Company made a profit of N287 billion for the first time in 2020 and now, it has progressed to a new performance level from N287 billion to a N674 billion profit after tax in 2021.

“President Buhari has allowed the NNPC to operate without interference and as a result, the company has been able to give out its best despite operating under challenging operating environment such as incessant vandalism, crude oil and products theft, among others”.

The pro-Buhari group noted that “we have seen a transformation in the national oil company and it has once again proven that it can operate profitably.

“The profit made is a reflection of the transparency that the Buhari administration is bringing into governance; NNPC whose operations had in the past been opaque is now issuing regular updates on its finances and operational expenditures.

“Since the coming of the Buhari administration, NNPC had made it a policy to publicly publish its operational reports in order to open up its operations which were formally shrouded in secrecy, and returning huge losses.

“This development has further reaffirmed the commitment of the Buhari administration to reposition the corporation for sustainable growth for the benefit of Nigerians and make Nigeria a prosperous country for all”, the statement added.