The Nigerian National Petroleum Company Limited recorded a substantial Profit After Tax of ₦5.4 trillion on a total revenue of ₦45.1 trillion in its 2024 financial operations.

This significant financial boost was attributed primarily to the Central Bank of Nigeria’s decision to float the local currency in 2023.

These figures were disclosed by the NNPCL’s Group Chief Executive Officer/Executive Director, Bashir Bayo Ojulari, on Monday during the presentation of the 2024 annual financial report and the road map for future investment plans in Abuja.

The recorded revenue of ₦45.1 trillion represents an 88% year-on-year growth for the state oil firm.

The ₦5.4 trillion PAT represents a 64% year-on-year growth, complemented by strong earnings per share of ₦27.07, which also represents a 64% year-on-year growth. These statistics underscore the remarkable financial turnaround and success of the NNPCL during the year under review.

Mr. Ojulari provided justification for the notable achievement recorded in the 2024 financial year, highlighting a core fundamental that contributed to the exceptional results. He specifically pointed to the foreign exchange policy change implemented by the CBN.

He stated: “A couple of fundamentals, I think, add to 2024, I mean, it had one unique peculiarity, it’s a good peculiarity. The year has something we need to make a note of. You recall the CBN’s regulation of floating the naira. So that the floating of the naira boosted our profits”