The nations petroleum industry has been known as the main stay of her economy where crude oil exports accounts to over eighty percent of Nigeria’s foriegn earning followed by capital repatriation and diaspora remittances. Though over the years, NNPC the nations petroleum regulator has been riddled with corruption, a move that the present administrators of NNPC is constantly changing especially with the making public of accounts .
Speaking to the media, Kyari, the top executive of the Nigeria National Petroleum Commission (NNPC) said “GMD Mallam Mele Kyari: “NNPC has never published its audited financial statement in 43 years .We came and started doing that and released the 2018 financial statement. We were not afraid of doing that and there were a lot of criticisms that we lost money in refinery operations and pipeline business”
“We went ahead and published the 2019 audited report and were able to learn and cut cost and became more efficient. There is no company in the country which has cut its losses within one financial year by N800bn. We have improved efficiency by cutting 97% in our losses”
“These are truly difficult times for our Industry. But I am proud to say that we were able to maintain our obligations to the Federation Account for seven months without any fail despite the huge impact of the COVID-19 pandemic on the Oil and Gas industry.”
Kyari has made the naation to understand that the commsion is passing through phases in a difficult terrain now that crude prices are low, with few buyers and also on the path of subsidy removal. The commission has demonstrated purposefulness and commitment in adding it’s quota to nations development.