NNPC Remits N4.5 Trillion into Federation Account, Promises Prosperity

Written by Benjamin Adewumi

The Nigerian National Petroleum Company Limited (NNPCL) announced on Wednesday, December 13, that it had remitted a staggering N4.5 trillion into the Federation Account as of October 2023.

The Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari, disclosed this during an interactive session with the Senate Committee on Finance. He expressed optimism about the future, stating that the current hardship in the country would soon dissipate and give way to prosperity.

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Kyari assured the lawmakers that better days are ahead for both the company and Nigeria. He attributed this positive outlook to the reforms contained in the Petroleum Industry Act (PIA) for the oil sector, which have enabled NNPCL to be at par with its counterparts across the world.

“The NNPCL, a creation of the National Assembly, is required to conduct business transparently and profitably in line with the provisions of the law, create value for shareholders, and continue to add value and pay dividends to shareholders,” Kyari said.

He further informed the Senate Committee on Finance that as of October, NNPCL had been able to deliver N4.5 trillion into the federation account. This significant contribution underscores the company’s commitment to the country’s economic growth in 2023.

Kyari also highlighted the importance of having a trading company within every national oil company. He noted that while NNPCL has always had one, it never functioned effectively until the implementation of the PIA.

“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,” Kyari concluded, expressing confidence in the company’s future performance.

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