The Nigerian National Petroleum Company Limited (NNPCL) has disclosed it has remitted N4.5 trillion as revenue for the federation for 2023 as of October. Group Chief Executive Officer, Mr Mele Kyari made this disclosure on Wednesday at an interactive session with the Senate Committee on Finance. Kyari, while updating the committee on the activities of the company, noted that in "October, we deliver N4.5 trillion into the federation account as a company to this country in 2023."
He also disclosed how the company is striving towards transparency and balancing of its financial records. He assured that better days were ahead, as reforms contained in the Petroleum Industry Act (PIA) for the oil sector, had placed the company at par with its peers, across the globe.
“Every national oil company has a trading company. We have always had one that never worked before PIA 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,” - Kyari.
Kyari said the sector would be more investment-driven by the time the issue of wide margins in the exchange rate and import and export windows were 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, 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,” he said.
