{"id":78341,"date":"2021-09-03T18:31:55","date_gmt":"2021-09-03T17:31:55","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=78341"},"modified":"2021-09-03T18:34:25","modified_gmt":"2021-09-03T17:34:25","slug":"buhari-did-not-use-nnpc-like-personal-atm-femi-adesina-reacts-to-n287bn-net-profit","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/03\/buhari-did-not-use-nnpc-like-personal-atm-femi-adesina-reacts-to-n287bn-net-profit\/","title":{"rendered":"&#8216;Buhari did not use NNPC like personal ATM&#8217; &#8211; Femi Adesina reacts to N287bn net profit"},"content":{"rendered":"<p>Femi Adesina, the special adviser to President Buhari on media and publicity has stated that Nigerian National Petroleum Corporation (NNPC) declared a net profit in 2020 because the president did not use it as his personal Automated Teller Machine (ATM).<\/p>\n<p>Buhari who doubles as minister for petroleum resources last week announced that the NNPC recorded <strong><a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/26\/nnpc-declares-n287bn-net-profit-for-2020\/\">N287 billion profit after tax<\/a><\/strong> (PAT) for the year ended December 31, 2020.<\/p>\n<p>According to Buhari,<span data-preserver-spaces=\"true\">\u00a0NNPC losses were reduced from N803 billion in year 2018 to N1.7 billion in year 2019 and the eventual declaration of net profit in 2020.<\/span><\/p>\n<p>President Buhari also claimed that<span data-preserver-spaces=\"true\"> the declaration of profit is the first in the 44-year history of the oil company.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the corporation\u2019s 2019 financial statement, the group posted a profit of N111.59 billion in its 2017 operations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In an article titled; \u2018How Buhari Broke The Jinx At NNPC,\u2019 released on Thursday, Adesina said the development occurred because Buhari refused to operate <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/31\/nnpc-we-spent-n541bn-on-petrol-subsidy-in-six-months\/\">NNPC<\/a> like an Automated Teller Machine (ATM).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWell, it happened because perhaps for the first time in the history of the country, and of the NNPC, there is a President who is not using the place like a personal Automated Teller Machine (ATM),\u201d the article reads.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cHe (Buhari) is not collecting millions upon millions of dollars by fiat, nor is he giving directives for any under-the-table deal. And that President also happens to be the Minister for Petroleum Resources.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Adesina quoted Mele Kyari, the group managing director of NNPC, as saying that Buhari \u201chas never made any demand of us, asked for a single thing for himself or any individual\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said the corporation also sustained the publication of its Monthly Financial and Operations Report (MFOR) in the last one and a half years.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Femi Adesina, the special adviser to President Buhari on media and publicity has stated that Nigerian National Petroleum Corporation (NNPC) declared a net profit in 2020 because the president did not use it as his personal Automated Teller Machine (ATM). Buhari who doubles as minister for petroleum resources last week announced that the NNPC recorded [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":45131,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[7695,1504,17164,1193,208],"class_list":["post-78341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-atm","tag-femi-adesina","tag-n287-billion","tag-nnpc","tag-president-muhammadu-buhari"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>&#039;Buhari did not use NNPC like personal ATM&#039; - Femi Adesina reacts to N287bn net profit<\/title>\n<meta name=\"description\" content=\"Femi Adesina, the special adviser to President Buhari on media and publicity has stated that Nigerian National Petroleum Corporation (NNPC) declared a net profit in 2020 because the president did not use it as his personal Automated Teller Machine (ATM).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/03\/buhari-did-not-use-nnpc-like-personal-atm-femi-adesina-reacts-to-n287bn-net-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;Buhari did not use NNPC like personal ATM&#039; 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