Amid the controversies surrounding the over ₦210 trillion in unaccounted financial discrepancies flagged in the Nigerian National Petroleum Company Limited (NNPC Ltd) audited financial statements from 2017 to 2023, the state oil company has reported a profit after tax (PAT) of N5.4 trillion for 2024.
Following a review of the operations of the NNPCL from 2017-2023, the Senate Committee on Public Accounts sighted unexplained transaction totaling ₦103 trillion (accrued expenses) and ₦107 trillion (receivables) in the audited financial statements of the firm, prompting it to raise some queries.
However, on Monday, Bayo Ojulari, the group chief executive officer (CEO) of the NNPC board, during a media parley while presenting the oil company’s 2024 Audited Financial Statements (AFS) announced a profit after tax (PAT) of N5.4 trillion for 2024.
Ojulari said the profit increased by N2.1 trillion compared to the N3.3 trillion posted in the 2023 financial period — representing a 64 percent growth.
He also said the company recorded a N45.1 trillion revenue, representing an 88 per cent year-on-year growth.
Additionally, the NNPC GCEO said the company recorded earnings per share of N27.07 in the reviewed year.
He also said NNPC recorded crude oil production of 202.3 million barrels and gas production of 1.04 billion standard cubic feet (SCF) in 2024.
According to the NNPC boss, the company’s retail network expanded to 1,096 outlets nationwide during the year.
“To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved profit after tax of N5.4 trillion, supported by a N45.1 trillion in revenue,” he said.
“This outcome was prepared by several critical drivers. Enhancing operational efficiency across all our businesses, the positive impact on our downstream markets, reforms and our unveiling commitment to cost discipline.
“Financially, we have never been stronger or better positioned for tomorrow. It’s important to also say here, and I know some of these questions will come, that the journey started from the 2021 when the PIA was unleashed.”
Furthermore, Ojulari said the NNPC’s goal remains to raise production output to 3 million barrels by 2030 “and grow gas production to 12 BCF per day at the same time”.
“Our goal remains to raise crude oil production to 3 million barrels per day by 2030 and grow gas production to 12 billion cubic feet daily” he disclosed.
