The House of Representatives has expressed satisfaction with the Nigerian National Petroleum Company (NNPC) Ltd’s transformation from a loss-making enterprise to a profitable one.
The green chamber also praised the company’s ongoing reforms.
The commendation came from the Speaker of the House of Representatives, Mr Abbas Tajudeen, when NNPC Ltd’s Group CEO, Mele Kyari, led senior management on a courtesy call to the House at the National Assembly Complex, on Thursday.
The speaker, who described the NNPC Ltd. as a critical stakeholder in Nigeria’s economy, said it was imperative for all arms of government to support the company to enable it to deliver on its mandate.
Tajudeen was quoted to have said this in a statement by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye.
He said: “When we discuss the Nigerian economy, we must talk about the NNPC Ltd as a dominant force. We are delighted that the ongoing reforms at NNPC Ltd. have started yielding fruit.
“It is pleasing to hear that you have moved from a loss- making entity to a profit-making one. We urge you to sustain these reforms.”
The speaker, who congratulated President Bola Tinubu on the bold decision to remove subsidy on petroleum products, said the singular decision had relieved the country of a major problem that had bogged it down over the years.
He called on the NNPC Ltd management to devise more practicable ways of revamping the nation’s refineries to turn around their fortunes for the better.
Describing crude oil theft and pipeline vandalism as a huge problem which, if left unchecked, could bring the nation’s economy to a halt, the speaker assured Nigerians that the parliament would support the NNPC Ltd. in its fight against the menace.
Earlier in his remarks, the GCEO of NNPC Ltd., Kyari said with the passage of the Petroleum Industry Act (PIA) 2021, NNPC Ltd’s profitability margins had significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
Kyari said NNPC Ltd was targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) were released, adding that since July this year, the Company had started paying dividends to its shareholders.
Kyari praised the National Assembly for its crucial contribution to the Petroleum Industry Act (PIA) 2021’s passage, pointing out that this legislative effort resulted in the creation of the newly formed, commercially focused National Oil Company (NOC), which is overseen by the Company & Allied Matters Act (CAMA).
He informed the House that the Company had made robust plans for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient to last beyond the ‘ember months and the new year festivities.
“By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security.
“We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” the NNPC Ltd. boss added.
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