Tag nnpc reports monthly profit of n274 million for the first time in 15 years

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NNPC Reports Monthly Profit of N274 Million for the First Time in 15 Years

The Nigerian National Petroleum Corporation (NNPC) has made a significant turnaround in its financial performance, reporting a monthly profit of N274 million for the first time in 15 years.

According to a statement released by the corporation, the profit was recorded in the month of January 2023, marking a major milestone in the corporation's efforts to improve its financial performance.

The NNPC's Group Managing Director, Mele Kyari, attributed the profit to the corporation's efforts to reduce costs, increase revenue, and improve its operational efficiency. He also commended the corporation's staff for their hard work and dedication, which he said had contributed significantly to the achievement.

The profit is a significant improvement from the corporation's previous financial performance, which had been plagued by losses and deficits. The NNPC had been struggling to recover from the impact of the COVID-19 pandemic, which had led to a significant decline in global oil demand and prices.

The corporation's financial performance has been a major concern for the Nigerian government, which relies heavily on oil revenues to fund its budget. The government had been working with the NNPC to improve its financial performance and increase its revenue.

The NNPC's profit is expected to have a positive impact on the Nigerian economy, which has been struggling to recover from the impact of the pandemic. The corporation's improved financial performance is also expected to boost investor confidence in the Nigerian oil and gas sector.

In conclusion, the NNPC's report of a monthly profit of N274 million for the first time in 15 years is a significant achievement and a major milestone in the corporation's efforts to improve its financial performance. The corporation's improved financial performance is expected to have a positive impact on the Nigerian economy and boost investor confidence in the oil and gas sector.