The Nigerian National Petroleum Company Limited (NNPCL), declared Wednesday that it remitted N4.5 trillion generated revenue into Federation Account as at October this year.
It also declared that prosperity beckons for the country as indices and parameters in that direction are already showing and being strategically leveraged on by NNPC Ltd and other key players in the oil sector.
Submissions to these effects were made by the Group Chief Executive Officer of the CCompan, Mele Kyari during an interactive session with the Senate Committee on Finance.
Kyari in his presentation assured the Committee members that better days are ahead for the company and by extension Nigeria as reform contained in the Petroleum Industry Act (PIA) for the oil sector has made NNPC Ltd to be at par with its peers, across the globe.
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“The NNPC Limited 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 2023 we were able to deliver N4.5 trillion naira into the federation account of this country as a company.
“Every national oil company has a trading company. We have always had one which never worked prior to PIA implementation.
“Currently NNPC Ltd is delivering on its mandate through the PIA reforms that has brought us to be at par with our peers, across the globe, and not to lose money anymore”.
Kyari added that as NNPC Limited is expanding in business and now the most transparent National Oil Company in Africa, the sector will would be more investment driven by the time the issue of wide margins in exchange rate and import and export windows are narrowed.
“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 .
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“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”, he said.
By Haruna Salami
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