NNPC bows to pressure, releases 2022 financial statement | N8.8trn reported as revenue

The Nigerian National Petroleum Company (NNPC) says its revenue increased to N8.81 trillion in 2022.

The national oil company disclosed this in its audited financial statements for the 16-month period ending December 2022.

Released on Thursday, the document showed that the revenue of NNPC Group rose by 37.32 percent — from N6.42 trillion in 2021.

According to the report, the group’s profit-after-tax (PAT) rose to its highest level at N2.523 trillion — a 273.9 percent increase from the N674 billion recorded in 2021.

The profit was attributed to the “owners of the company” (N2.521 trillion) and “non-controlling interests” (N1.78 billion).

Analysis of the audited financial statement revealed that NNPC Group had a total current assets of N21.59 trillion and a total current liabilities of N49.35 trillion at the end of 2022.

The company said its total assets increased by 260.48 percent from N16.27 trillion in 2021 to N58.65 trillion.

On the other hand, total liabilities also rose by 266.72 percent from N13.46 trillion in 2021 to N49.53 trillion in 2022.

Also, while deferred tax liabilities stood at N13.23 trillion in 2022, deferred tax assets amounted to N3.09 trillion in the review period.

The cost of sales also rose to N6.7 trillion in 2022 — a 25.47 percent increase from N5.34 trillion in 2021.

In 2018, the state-owned oil company had posted a loss of N803 billion and N1.7 billion in 2019.

Reversing the deficit, in 2020, the organisation posted a profit of N287 billion, progressing to record another N674.1 billion profit in 2021.

The release of the 2022 audited financial statement comes amid pressure from various stakeholders for NNPC to open its books for scrutiny.

NNPCL is a member of the Extractive Industries Transparency Initiative (EITI), a global body that promotes the open and accountable management of oil, gas and mineral resources.

The organisation has been bothered about the relapse in the company, especially in the aspect of public disclosures.

TheCable understands that NNPC released its 2022 audited financial statement after a meeting with a team from EITI on Thursday.