The Nigerian National Petroleum Company Limited (NNPCL), said on Wednesday that as of October this year, it had remitted N4.5 trillion into the Federation Account.

The Group Chief Executive Officer of the company, Mele Kyari, gave the figure in Abuja when he met with the Senate Committee on Finance.

According to him, with the Petroleum Industry Act coming into effect, the NNPCL is positioned to be a key player in the global oil and gas market.

Addressing the committee, which is chaired by Sen. Sani Musa, he said, “The NNPC Limited 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 am glad to inform you Mr Chairman and Distinguished Senators that as of October, we are able to deliver N4.5 trillion 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 have brought us to be at par with our peers, across the globe, and not to lose money anymore.”

Kyari also claimed that the organization’s operations were more transparent as it expanded its operations, being the “most transparent National Oil Company in Africa.

He added, “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.”

The committee had called the meeting to find out whether the country would its revenue and crude oil production targets for the 2024 budget.

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