NNPC suffers N916bn revenue drop in full year

NNPC building

The Nigerian National Petroleum Corporation (NNPC) on Wednesday, said its group revenue for the 2020 financial year fell to N3.72 trillion from N4.63 trillion in 2019, a difference of N916 billion.

The corporation, while announcing the release of its 2020 audited financial statements, said the decrease in revenue could be attributed to the decline in the production and price of crude oil due to the global impact of the COVID-19 pandemic.

President Muhammadu Buhari had on August 26, announced a net profit of N287 billion reported by the NNPC for the 2020 financial year from a loss position of N1.7 billion in the previous year.

The corporation said in compliance with the President’s directive, it had fulfilled ‘this very important statutory requirement’ by publishing its audited financial statements.

The statement noted that the Group Managing Director of the NNPC, Mele Kyari, had at various times attributed ‘the turnaround to aggressive cost cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent.

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