NNPC declares N674bn profit for 2021

The Nigerian National Petroleum Company Limited (NNPC Ltd) has declared a profit after tax of N674 billion for the financial year ended Dec. 31, 2021. This is the second year that the company has declared a profit in its operations since inception, 45 years ago.

The profit represented a growth of 134.84 per cent when compared with N287 billion profit in 2020 was recorded under the old Nigerian National Petroleum Corporation (NNPC).

This is as the National oil company also said that Nigeria is owing it N1.3 trillion, even as it deactivated 395 illegal refineries in its efforts to curb oil theft in the country.

Group chief executive officer, NNPC Ltd. Malam Mele Kyari, said this at a news conference on Tuesday in Abuja.

“NNPC progressed to a new performance level, from N287 billion profit in 2020 to a N674 billion profit after tax in 2021 climbing higher by 134.8 per cent year on year profit growth,’’ he said.

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