Buhari to Announce 2019 2020 Audited Financial Statements of NNPC
Nigerian National Petroleum Corporation (NNPC) group chief executive Mele Kyari said President Muhammadu Buhari will announce the company’s audited financial statements for 2019 and 2020.
The GMD disclosed this to the House of Representatives’ finance committee during the ongoing interactive session on the 2022-2024 Medium-Term Expenditure Framework on Wednesday in Abuja.
He hinted that the audited report would be good news for Nigerians, a statement that drew applause from committee members.
The state-owned oil company used to not publish its financial statements until last year, when it released its first audited financial reports in 43 years.
“Mr. President, this is not the right time to make this announcement. The President will make the announcement himself. I can confirm to you that we have the audited financial statements not only for 2019, but we have them for 2020. It will be good news, ”said Kyari.
James Faleke, the chairman of the committee, said after the disclosure: “You made a profit now, you made our day. “
Companies covered in last year’s reports published on the company’s website included 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 Pipelines and Storage Company (NPSC).
Others include National Engineering & Technical Company Limited (NETCO), 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.
All refineries recorded losses while only the Nigerian Petroleum Development Company (NPDC) recorded profits, according to the report.
He noted that the country will be a net exporter of oil in the post-Petroleum Industry Act and aboard the Dangote refinery and other refineries under rehabilitation.
“In the post-PIA, absolutely, the NNPC will be done with the import of PMS, but not only of PIA. By the time we finish our refineries and Dangote arrives, no one will import oil into the country. There won’t be any more need. It will not happen. We will become a net exporter, ”he said.
Defending the oil benchmark of $ 57 a barrel in the MTEF, Kyari said the current $ 70 barrel before a barrel is subject to the law of supply and demand.
He argued that the $ 57 per barrel was set on the basis of historical price trends in the international market.
“Price growth must be moderated by lingering concerns about COVID-19, increased energy efficiency, change due to increased use of gas and alternatives for power generation. These are reflected in the medium term income framework, ”he said.
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