Nigerian Petroleum Company, NNPCL Releases 2022 Audited Financial Statements, Declares N8trillion Revenue

The 2022 audited financial statement was released after a meeting with a team from EITI on Thursday. Let it be on record that this government remains firmly committed to the principles of transparency, accountability, and prudent utilisation of public funds. No amount of fabricated allegations, propaganda, or media trial will derail the resolve of this administration to serve diligently and uphold the trust of the people.

Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures. The Nigerian National Petroleum Company Limited (NNPCL) has released its audited financial statements for the 16-month period ending December 2022.According to the statement released on Thursday, NNPC said its revenue increased to N8.81trillion in 2022. In June, it was disclosed that the total amount remitted to the Federal Government was N7.97tn, indicating that N1.01tn was the statutory payment in June. From the July report released on Friday, it was reported that NNPC recorded a substantial decline in its profit after tax, dropping from N905bn in June to N185bn in July.

“NNPC LTD, GAS SUPPLIERS INK HISTORIC DEAL WITH NLNG, BOOSTING NIGERIA’S GAS SUPPLY”

The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed. The corporation said the publication is in compliance with the President’s directive and that the NNPC has fulfilled an important statutory requirement by publishing its Audited Financial Statements today. The group’s working capital remained below the line at N4.56trillion in 2020 asagainst N4.44trillion in 2019, the AFS further revealed. The report was presented by the Corporation’s Chief Financial Officer (CFO), Umar Ajiya. He attributed the improved performance in the 2019 financial year to cost optimisation, contracts renegotiation and operational efficiency of the NNPC.

Nnpc Publishes Audited Financial Statement Youtube

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated. The group’s working capital remained below the line at ₦4.56trillion in 2020 as against ₦4.44trillion in 2019, the AFS further revealed. The group’s working capital remained below the line at N4.56 trillion in 2020 as against N4.44 trillion in 2019, the AFS further revealed. Recall that the new Group Chief Executive Officer of NNPC, Bayo Ojulari, started the release of the company’s monthly reports, giving summaries of its financial and operational activities each month.

NNPC publishes 2020 audited statements, doubts persist over viability

Under the watch of the former GCEO, Mele Kyari, the company declared its 2023 audited financial statement in August 2024. In the 2023 report, NNPC declared a net profit of N3.3tn at the close of the financial year, which ended in December 2023. It was an increase of over N700bn (28 per cent) compared to the 2022 profit of N2.55tn. According to previous reports, NNPC’s profit after tax in June was N905bn, down from N1.05tn in May. The July figure marked a significant drop, even as oil production rose marginally from 1.68 million barrels per day to 1.7 mbpd. It was calculated that the state-owned energy company made a profit after tax of N2.89tn in April, May, June, and July.

​NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements

It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019. Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA Nnpc Publishes 2020 Audited Financial Statements 2021, the commitment of the Board, Management and staff of the company. The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion. Meanwhile, NNPC’s remittances to the government have repeatedly come under scrutiny by local and international organisations. Earlier this year, the World Bank said NNPC was remitting only half of the financial gains from the removal of petrol subsidies due to debt arrears.

• In May, NNPC’s revenue grew to N6.01tn, while N5.58tn was the statutory payment from January to April.
• Further highlights of the AFS revealed that while the corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.
• The government of Kano state therefore, wishes to send a word of caution to the opposition figures to disengage from the deliberate spread of lies and misinformation.
• This was revealed in a statement signed by the Group General Manager, Group Public Affairs Division, NNPC, Garba Deen Muhammad on Wednesday.
• Among the highlights of the 2020 AFS is the Corporation’s group profit, which rose from a loss position of N1.7billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years.

Report of the directors and consolidated and separate financial.

It also disclosed that N4.23tn was remitted to the federation account in the first quarter of the year. The group’s working capital remained below the line at N4.56 trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed. The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44 trillion in 2019, the AFS further revealed. He attributed the decrease to decline in production and fall in the price of crude oil due to the global impact of COVID-19. Akinyelure added that the company’s shareholders have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.

From a loss position of N803bn in 2018, the company said it reduced its loss to N1.7bn in 2019. Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years. Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.

• In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today.
• The Nigerian National Petroleum Corporation (NNPC) has published its 2020 audited financial statements.
• The outstanding remittances were royalties, taxes, and dividends unpaid between June 2023 and April 2025.
• In compliance with the president’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today (Wednesday).

Hence, no individual in government MDAs handles public funds without proper designated purpose. Without prejudice to the ongoing litigation on the matter, the state government is obliged to avail the public with the nitty-gritty of the Directorate of Protocol’s operations at Kano Government House, which is not different from structures obtainable in all states and the federal government. One of the ill-intended narratives, most likely sponsored, was a publication on Daily Nigerian, a Kano-based online news platform, on August 22nd, 2025, which particularly drew government attention to the allegation of withdrawal and diversion of ₦6.5 billion from the state treasury. The digital media space in the last few days has been awash with a series of false narratives bordering on the accountability, trust, and financial worthiness of some key political aides of the Kano State Government. This continues a pattern of modified reports by the corporation’s auditors since 2018, a trend that will test the NNPC’s resolve to become a commercial firm. The Statement shows that there was a loss of N1.7 billion, a 99.7% decline from the N803 billion loss recorded in 2018.

“The Group Managing Director of the NNPC, Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost-cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures. The Nigerian National Petroleum Corporation (NNPC) has published its 2020 audited financial statements. The Nigerian National Petroleum Corporation (NNPC) has published its audited financial statements as well as its subsidiaries on its website Wednesday night. Among the highlights of the 2020 AFS is the corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.

Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7 billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years. Following up on President Muhammadu Buhari’s recent announcement of the declaration N287 billion profit after tax in year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website. According to the statement, the Corporation’s group profit grew from a loss position of N1.7billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years. SaharaReporters.com is an outstanding, groundbreaking news website that encourages citizen journalists to report ongoing corruption and government malfeasance in Africa. On the issue of land administration, Garba defended Ganduje’s policies, stating that the former governor implemented systems to protect public assets and ensure lawful land management. “Assertions of land grabbing are inaccurate and unfairly tarnish the reputation of a leader committed to transparency,” Garba noted.

In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today. Among the highlights of the 2020 AFS is the Corporation’s group profit, which rose from a loss position of N1.7billion in 2019 to a profit of N287 billion in 2020, for the first time in 44 years. The Group Managing Director of the NNPC Malam Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures.

So, I also believe that with what the new GCEO is trying to do, the refineries are a priority. IPMAN Publicity Secretary, Chinedu Ukadike, told our correspondent in an interview that the revamp of the refineries would ensure enough fuel supply in the country. With technocrats in place, Ukadike believed that refineries would work, urging the NNPC to ensure zero tolerance for corruption. The PUNCH reported in June that the Federation Account Allocation Committee revealed that NNPC owed the Federal Government N6.57tn as of May 2025.