The Nigerian National Petroleum Company (NNPC) Limited has unveiled its 2023 Audited Financial Statement (AFS), showcasing a record net profit of N3.297 trillion for the financial year ending December 2023.
This represents a significant increase of over N700 billion, or 28%, from the N2.548 trillion profit reported in 2022.
During a press conference held at the NNPC Towers in Abuja on Monday, Chief Financial Officer Mr. Umar Ajiya highlighted that the impressive financial results reflect the company’s strategic foresight and operational resilience.
“Our fiscal performance reflects both strategic foresight and operational resilience,” Ajiya stated.
“Despite the inherent challenges of our operational and economic environment, we have improved the productivity and financial performance of this great company.”
Ajiya emphasized that the positive results demonstrate NNPC Ltd’s commitment to sustaining profitability and supporting national energy security as outlined in the Petroleum Industry Act (PIA) 2021.
He also addressed questions about subsidy payments, clarifying that the company was addressing the shortfall in Premium Motor Spirit (PMS) importation between it and the Federation, rather than making direct subsidy payments.
The NNPC Board Chairman, Chief Pius Akinyelure, attributed the strong performance to the enactment of the PIA 2021 and the dedicated efforts of the company’s Board, management, and staff.
“The excellent performance is a fruit of the PIA 2021 and the commitment of the Board, Management, and staff of the company,” Akinyelure said.
He also announced that the company’s shareholders have approved a final dividend of N2.1 trillion, in accordance with PIA 2021 provisions.
In the same briefing, Executive Vice President of Upstream, Mrs. Oritsemeyiwa Eyesan, outlined the company’s ambitious target of achieving 2 million barrels per day in crude oil production by the end of the year. She attributed recent improvements to a renewed focus on combating crude oil theft and pipeline vandalism.
Addressing the ongoing fuel queues in parts of Lagos and the Federal Capital Territory (FCT), Executive Vice President of Downstream, Mr. Dapo Segun, called for patience from Nigerians. He assured that NNPC is working with relevant stakeholders to resolve distribution, evacuation, and logistics challenges.
The 2023 profit of N3.297 trillion is the highest ever reported by NNPC since its inception 46 years ago. This follows a remarkable turnaround from a loss of N803 billion in 2018 to a profit of N287 billion in 2020, N674.1 billion in 2021, and N2.548 trillion in 2022.