The Nigerian National Petroleum Company Limited (NNPCL), diclosed it has remitted N4.5trillion generated revenue between January to October this year into Federation Account.
NNPCL also disclosed that indices and parameters available shown that the country is on it way to property, which are being strategically leveraged on by NNPC Ltd and other key players in the oil sector .
The Group Chief Executive Officer of the Company, Mele Kyari disclosed this during an interactive session with the Senate Committee on Finance.
Kyari assured the Committee members that better days are ahead for the company and by extension Nigeria as reform contained in the Petroleum Industry Act for the oil sector, has made NNPC Ltd to be at par with its peers, across the globe.
He added that as creation of tbe National Assembly, NNPCL is required to conduct its business transparently.
Kyari said: “The NNPC Limited that is a creation of the National Assembly, requires that we conduct business transparently and provitably 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 are able to deliver N4.5 trillion Naira 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 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.”
He disclosed that NNPC Limited is expanding in bussiness and now the most transparent National Oil Company in Africa, adding that 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.
He said: “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.”
