The Nigerian National Petroleum Company Limited (NNPC) has announced that it has remitted a staggering N4.5 trillion in generated revenue to the Federation Account over the first 10 months of this year.
The was disclosed during an interactive session between the NNPC’s Group Chief Executive Officer, Mele Kyari, and the Senate Committee on Finance at the National Assembly in Abuja.
Kyari assured committee members that the projections for the 2024 Budget, including crude oil production and price benchmarks, were realistic and achievable.
The NNPC, along with key players in the oil sector, are strategically leveraging positive indices and parameters, setting the stage for better days ahead for both the company and Nigeria.
Kyari underscored the NNPC’s commitment to global standards, citing the impact of reforms introduced by the Petroleum Industry Act on the oil sector.
He expressed confidence in the future, stating that the proposed budget benchmark price of $77.96 per barrel for 2024 remains realistic despite market fluctuations.
Kyari said, “With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel in the market.
The oscillation we are seeing, sometimes you do see prices coming down to $75 per barrel and sometimes it goes above it; overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realizable in 2024.”
