Mele Kyari, NNPC GMD made some revelations about the 2019, 2020 audited report, ENigeria Newspaper reports.
Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) stated that President Muhammadu Buhari will release the Corporation’s audited financial records for 2019 and 2020.
On Wednesday in Abuja, the GMD informed the House of Representatives Committee on Finance about this at an ongoing interactive session on the 2022-2024 Medium Term Expenditure Framework.
He intimated that the audited report would be good news for Nigerians, which drew applause from the committee members.
Until this year, when it produced its first audited financial reports in 43 years, the state-owned oil business had a history of not disclosing its financial accounts.
“This is not the best time to make this statement, Mr Chairman. The announcement will be made by Mr. President himself. I can assure you that we have not just the financial statements for 2019, but also for 2020. Mr Kyari predicted that the news would be positive.
After the disclosure, the committee’s chairman, James Faleke, said, “You have made profit now, you have made our day.”
The Nigerian Petroleum Development Company (NPDC), Warri Refining & Petrochemical Company Limited (WRPC), Port Harcourt Refining Company Limited (PHRC), Kaduna Refining & Petrochemical Company (KRPC), Integrated Data Services Limited (IDSL), Nigerian Products and Marketing Company Limited (NPMC), Nigerian Integrated Data Services Limited (NIDSL), Nigerian Integrated Data Services Limited (NIDSL), Nigerian Integrated Data Services Limited (NIDSL) (NPSC).
The Nigerian Gas and Marketing Company Limited (NGMC), Duke Oil Services (UK) Limited, Duke Global Energy Investment Limited, Duke Oil Incorporated, NNPC Retail Limited, National Petroleum Investments Management Services (NAPIMS), The Wheel Insurance, NIDAS Shipping Services, NIDAS UK Agency, and NIDAS Marine are among the others.
According to the report, all of the refineries lost money, while only the Nigerian Petroleum Development Company (NPDC) made a profit.
He stated that following the passage of the Petroleum Industry Act and the completion of the Dangote refinery and other refineries that are undergoing renovation, the country will be a net exporter of petroleum.
“After PIA, NNPC would definitely be done with PMS importation, but not just PIA. Nobody will import petroleum into the country by the time we finish our refineries and Dangote comes on. It won’t be required any longer. It’s not going to happen. “We’ll be a net exporter,” he predicted.
Mr Kyari defended the MTEF’s $57 per barrel oil benchmark, saying the current $70 per barrel is due to the law of supply and demand.
He claimed that the price of $57 per barrel was determined using historical price trends on the international market.
“The remaining concerns over COVID-19, increasing energy efficiency, switching owing to higher gas use, and alternatives for electricity generation will all help to curb price growth. The Medium Term Revenue Framework reflects this,” he stated.