The Nigerian Nationwide Petroleum Company (NNPC) has launched its 2019 Audited Monetary Assertion (AFS).
It reveals 99.7 % discount in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019.
The publication comes 5 months after NNPC made its 2018 AFS public.
NNPC spokesman, Kennie Obateru, in an announcement on Thursday quoted the Chief Monetary Officer, Umar Ajiya, as saying that the 2019 assertion will likely be printed on the company’s web site for transparency.
He mentioned this was in step with the ideas of the Extractive Industries Transparency Initiative (EITI).
Ajiya disclosed that common administrative bills additionally witnessed a 22% dip from ₦894bn in 2018 to ₦696bn in 2019.
He mentioned the vast majority of NNPC subsidiaries posted improved efficiency particularly.
They’re Nigerian Petroleum Growth Firm Restricted (NPDC) which recorded ₦479Billion revenue in 2019 in comparison with ₦179Billion in 2018 representing 167% improve.
The Built-in Knowledge Sciences Restricted (IDSL) recorded ₦23Billion revenue in 2019 in comparison with ₦154 million in 2018 representing 14966% improve.
The Petroleum Merchandise Advertising Firm (PPMC) recorded ₦14.2Billion revenue in 2019 in comparison with ₦9.3Billion in 2018 representing a 52% improve.
NNPC famous that refineries have maintained the identical degree of losses as in 2018 however will scale back considerably in 2020 as a result of value optimization drive.
The CFO defined that the improved efficiency within the 2019 monetary 12 months was pushed primarily by value optimization, contracts renegotiation and operational effectivity.
“The 2019 AFS goes additional to reveal our unwavering dedication to the precept of Transparency, Accountability and Efficiency Excellence (TAPE) whereas the outlook for 2020 seems promising in view of the Administration’s sturdy drive to prune down operating value and develop revenues”, Ajiya mentioned.
Mele Kyari, NNPC Managing Director, had promised to maintain the AFS publication as a part of efforts to deepen accountability and preserve stakeholders abreast of operations.