The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has restated the commitment of the company to actualizing the target of making Nigeria net Exporter of petroleum products in 2024
Kyari gave the re-assurance over the weekend during his appearance before the National Assembly Committee On Finance and Appropriation before expiration of the 24 hours ultimatum given to him to appear before the joint committee, expressed confidence that the target is achievable given the level of sustenance of energy security , particularly with level of work done so far in fixing the Port-Harcourt refinery
He however clarified that oil refineries were not created to reduce petrol prices, saying the expected functionality of refineries does not guarantee a potential drop in the pump price of petroleum because it is not the main objective of the refineries.
The NNPCL boss affirmed that no subsidy is charged to the federation, adding that the NNPC has contributed 4.45 trillion naira as direct revenue into the federation in a combination of taxes, royalties and dividends and paid 406 billion naira as dividends to the Federal Government’s account from July 2023 till date
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