NNPCL expects revenue of 4.5 trillion naira by end of 2023
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The Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPCL), Mele Kyari, has said the company is targeting an expected revenue of N4.5 trillion in 2023.
With full commercialization, the company controls more than 30 percent of the downstream market share, he said. Mr. Kyari disclosed this yesterday when he along with other management of NNPCL paid a courtesy call on the Speaker of the House of Representatives, Abbas Tajudeen, in Abuja.
Highlighting the improvements the company has made under the Petroleum Industry Law, Kyari reiterated that the new law has made the company fully commercialized, adding that it has been operating in the red and recorded a negative N803 billion in 2018. Ta.
However, he informed the Speaker and the House that the changes that took place in the company after the PIA led to the realization of a profit after tax of N674 billion in 2021 and over N2 trillion in 2022.
“This company is run like any other private company that provides dividends to its shareholders. We have over 30 percent market share in the downstream sector. No single player can hold this country to ransom in terms of providing.
“So when we see lines, it’s actually not the result of a shortage, but an internal event that stems from the actions of our marketers, and people can always go to our stations and get service. The quality and exact quantities of the products dispensed are guaranteed,” he said.
The chairman, for his part, said that for Nigeria to avoid further wastage due to non-performance of public assets in the petroleum sector, NNPCL needs to come up with creative ways to achieve optimal performance.
While praising NNPCL for making the most of PIA to maximize its commercial potential, Prime Minister Abbas said that despite staff being paid and promoted, it has been over 20 years. He criticized the state of Nigeria’s oil refineries, including the Kaduna refinery, which is on the brink of death. .
He said the situation was inefficient and a waste of human resources and needed to be addressed. Prime Minister Abbas called for measures to reverse the economic losses caused by unproductive conditions at refineries by privatizing them to improve management and productivity.
The Chairperson commended the company for redirecting the benefits from subsidy removal to other productive areas of enhancement that add value, as reported by the jump in the earnings profile presented by the Chief Executive Officer.
He said the 10th House of Representatives, and by extension the Congress, fully supports the company in the fight against oil theft, and revealed that the House has taken the lead in establishing a special committee on oil theft and pipeline vandalism. did. Wednesday.
Prime Minister Abbas, who took the reins of the NNPC’s management team along with House Minority Whip Ali Issa and the relevant committee chairs for the oil and gas sector, assured that the House is always ready to cooperate in the repositioning. Guaranteed by the company. country’s economy.
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Source: guardian.ng