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NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements

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Mele Kyari

 

 

Following up on President Muhammadu Buhari’s recent announcement of the declaration of two hundred and eighty-seven billion Naira (N287bn) Profit After Tax (PAT) in the 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.

 

It would be recalled that while announcing the outstanding feat a little over a fortnight ago, President Muhammadu Buhari, who is also the Minister of Petroleum Resources, had said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”

 

In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today.

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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.

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The Group Managing Director of the NNPC Mal. 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 percent, among other tough measures.

 

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 group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.

 

Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.

 

This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019.

 

The full document of the NNPC 2020 AFS is available on the Corporation’s website.

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Pantami’s Church Visit Sparks Mixed Reactions Online

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By Yusuf Danjuma Yunusa

Professor Isa Ali Pantami, the Peoples Democratic Party (PDP) governorship candidate for Gombe State, visited the Evangelical Church Winning All (ECWA) in Federal Low-Cost, Gombe, on Sunday to sympathize with congregants following a recent fire incident that destroyed parts of the church facility.

Pantami, who also serves as a representative of Senate Leader Ibrahim Hassan Dankwambo during the visit, described the gesture as a personal decision given his proximity to the church as a neighbor. He offered prayers for those affected and conveyed Dankwambo’s heartfelt sympathies while expressing solidarity with the church and the broader Christian community.

However, the visit—made by a prominent Islamic cleric—has generated significant debate across social media platforms, with critics questioning the appropriateness of the gesture while others have defended it as a demonstration of inclusive leadership.

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Public Reactions

Social media users offered contrasting perspectives on the visit:

Amoka commented: “Sheikh Pantami Visits Church earlier today in his hometown in Gombe . What politics can not do, doesn’t exist.”

Ibrahim expressed surprise at the political dynamics, stating: “Omo! Fear Politics oo.”

Beatrice offered a lighter take, remarking: “This country na Cruise I swear.”

Others saw the visit through a more unifying lens. Paul noted: “Leadership is for all,” while Isaac Ebiloma emphasized common humanity: “We were humans before religious differences. Politics or not, it’s ok to visit others and sympathize with them.”

The visit comes amid Pantami’s gubernatorial campaign in Gombe State, where religious and ethnic considerations often feature prominently in political discourse. The former Minister of Communications and Digital Economy has faced scrutiny throughout his political career regarding his religious identity and its intersection with public service.

The ECWA church community has yet to issue an official statement regarding the visit or the extent of damage caused by the fire incident.

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FG Suspends Proposed WAEC, NECO Fee Hike

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By Yusuf Danjuma Yunusa

The Federal Government has suspended the proposed review of registration fees for the 2027 West African Senior School Certificate Examination and the National Examinations Council Senior School Certificate Examination, pending wider consultations with stakeholders.

In a Monday statement issued by the Federal Ministry of Education, the ministry said the letter conveying the proposed fee adjustment, dated June 18, 2026, had been withdrawn to allow for a comprehensive review before any final decision is taken.

The ministry, in the release signed by the Director, Press and Public Relations, Boriowo Folasade, said the suspension followed concerns and feedback from members of the public.

“The Federal Ministry of Education announced that the letter conveying the proposed fee adjustment, dated 18 June 2026, has been withdrawn to allow for a comprehensive review and broader consultations with all relevant stakeholders before a final decision is taken,” the statement said.

According to the ministry, the proposed fee review was driven by rising costs associated with conducting national examinations, noting that registration fees have remained largely unchanged for several years despite increasing operational expenses.

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It cited higher costs of logistics, security, printing of examination materials, technology deployment, quality assurance and other services required to maintain the credibility of public examinations.

The statement said the Minister of Education, Dr. Tunji Alausa, directed that the proposal be put on hold in line with the Federal Government’s commitment to inclusive and evidence-based policymaking.

“The Honourable Minister of Education, Dr. Maruf Tunji Alausa, CON, has directed that the proposal be placed on hold in line with the Federal Government’s commitment to inclusive, transparent and evidence-based policymaking,” it said.

The ministry said the decision reflects its commitment to ensuring that policies affecting students and their families are carefully considered and responsive to public interest.

It added that consultations would be held with examination bodies, state ministries of education, school proprietors and administrators, parents’ associations, organised labour, education stakeholders and other critical partners before any decision is reached.

Accordingly, the ministry said the proposed review of examination registration fees would not take effect as earlier communicated until the consultation process is concluded.

The Federal Ministry of Education reiterated that students’ welfare, equitable access to quality education and responsible policymaking remain central to the Federal Government’s education agenda and pledged to keep the public informed throughout the consultation process.

FG said it approved N50,000 as the new examination fee for WAEC and NECO for secondary school candidates from 2027.

The initial registration fee was N27,500, which means the new increment comes with an 82 per cent hike.

In a statement on June 18, 2026, issued by the Director of Senior Secondary Education of the Ministry of Education, Adeniji Ibrahim, the approval followed a request by WAEC for an upward review of the fee for the Senior School Certificate Examination for candidates from 2027.

Meanwhile, former Vice President Atiku Abubakar and the National Association of Nigerian Students had earlier kicked against the Federal Government’s approval of a uniform N50,000 fee for candidates.

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Waya Congratulates Governor Yusuf on Kano’s Emergence as ECOWAS’ Highest-Ranked in Education

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Elder statesman, Inuwa Waya, has congratulated the Governor of Kano State, Engr. Abba Kabir Yusuf, following Kano State’s emergence as the highest-ranked sub-national government in education among member states of the Economic Community of West African States (ECOWAS).

In a congratulatory statement he personally signed, Waya described the recognition as a historic achievement and commended Governor Yusuf’s leadership, saying the award reflects the administration’s unwavering commitment to repositioning the education sector through strategic investments and sound policies.

According to Waya, the prestigious recognition was conferred through the University of Paris’ Sub-National Education Spending Index, which ranked Kano State ahead of 209 first-level sub-national governments across the 15 ECOWAS member states. He said the feat represents a significant endorsement of the governor’s vision and deliberate commitment to making education the foundation for sustainable development and long-term prosperity.

Waya stated that Kano’s emergence as the leading sub-national government in education across ECOWAS demonstrates that purposeful leadership, prudent management of public resources, and well-articulated policies can deliver measurable outcomes capable of attracting both national and international recognition.

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The elder statesman further attributed the achievement to Governor Yusuf’s declaration of a state of emergency in the education sector and the administration’s unprecedented budgetary commitment, noting that 29.5 percent of the state’s 2024 budget and 30 percent of the 2025 budget were allocated to education. Waya said the investments have translated into tangible improvements across the sector.

According to Waya, since assuming office, Governor Yusuf has embarked on an ambitious programme that includes the construction of new schools, renovation of old and dilapidated classrooms, recruitment and training of teachers, as well as the provision of essential teaching and learning facilities. He said these interventions have revitalised the education system and established a strong foundation for future generations.

Waya also noted that the international recognition extends beyond the Kano State Government, describing it as a source of pride for the people of Kano State and Nigeria. He maintained that the honour reinforces the importance of sustained investment in education as a catalyst for social and economic transformation.

Waya said he joined millions of Nigerians, including the British High Commission in Nigeria, in congratulating Governor Abba Kabir Yusuf and the people of Kano State on what he described as a well-deserved honour. He expressed confidence that the recognition would further inspire the state government to sustain its reforms and consolidate the gains recorded in the education sector.

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