The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, December 13, said it remitted N4.5trillion revenue into the Federation Account as at October 2023.
The Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari, disclosed this during an interactive session with the Senate Committee on Finance.
Kyari said the present hardship in the country would soon dissipate and give way to prosperity.
The GCEO of NNPCL in his presentation told the lawmakers that better days are ahead for the company and Nigeria as reforms contained in the Petroleum Industry Act (PIA) for the oil sector have made NNPCL to be at par with its counterparts across the world.
He said: “The NNPCL that is a creation of the National Assembly, requires that we conduct business transparently and profitably in line with provisions of the law and to create value for shareholders, and not to lose money, and also to continue to add value and pay dividends to shareholders.
“I’m glad to inform you Mr chairman and Distinguished Senators that as at October we were able to deliver N4.5 trillion into the federation account as a company to this country in 2023.
“Every national oil company has a trading company. We have always had one which never worked prior to PIA’s implementation.
“Currently NNPC Ltd is delivering on its mandate through the PIA reforms that have brought us to be at par with our peers, across the globe, and not to lose money anymore.”
He added that as NNPC Limited is expanding in bussiness and now the most transparent National Oil Company in Africa, the sector would be more investment driven by the time the issue of wide margins in exchange rate and import and export windows are narrowed.
He stated: “There is always a parallel market in every country. There is also an import and export window in every country, even in the developed world.
“But there is always a narrow gap between the two and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period of time, then businesses will thrive.
“There is a line of sight around this. I am very confident that by the end of the first quarter of next year, those margins will narrow and stability will come and you will see others coming into the market.”
Credit: The Nigeria Lawyer