Reactions Pour In As NNPCL GCEO Mele Kyari Unveils October Remittance To FG

Reactions have poured in as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, unveiled that the company remitted a substantial N4.5 trillion in revenue into the Federation Account as of October 2023. The disclosure occurred during an interactive session with the Senate Committee on Finance, where Kyari expressed optimism that the prevailing hardships in the country would soon give way to prosperity. CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

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Kyari, in his presentation to lawmakers, highlighted that better days lie ahead for both the company and Nigeria, attributing this positive outlook to the reforms outlined in the Petroleum Industry Act (PIA) for the oil sector. According to him, these reforms have positioned NNPCL on par with its global counterparts, marking a significant improvement in transparency, profitability, and value creation.

Addressing the committee, Kyari emphasized the commitment of NNPCL to conducting business transparently, adhering to legal provisions, and creating value for shareholders. He noted, “I’m glad to inform you, Mr. Chairman and Distinguished Senators, that as of October, we were able to deliver N4.5 trillion into the federation account as a company to this country in 2023.”

Kyari further explained the positive impact of the PIA reforms on the operations of NNPC Ltd, stating, “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.”

The announcement has triggered a range of reactions, with many expressing optimism about the potential economic benefits and improved financial stability for Nigeria. The disclosure of such a substantial remittance has sparked discussions on the effectiveness of the PIA reforms and the positive implications for the country’s economic landscape.

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Source: Bushradiogist