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Kyari: Buhari To Announce Nnpc’s 2019, 2020 Audited Financial Statements

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said President Muhammadu Buhari will announce the audited financial statements of the Corporation for 2019 and 2020.

The GMD disclosed this to the House of Representatives Committee on Finance at the ongoing interactive session on the 2022-2024 Medium Term Expenditure Framework on Wednesday in Abuja.

He hinted that the audited report will be good news to Nigerians, a statement that elicited applause from the members of the committee.

The state-owned oil company has a record of not releasing its statements of account, until last year when it released its first audited financial reports in 43 years.

“Mr Chairman, this is not the good time to make this announcement. Mr President will make the announcement himself. I can confirm to you that we have the audited financial statement of not just for 2019 but we have for 2020. It will be good news,” Mr Kyari said.

James Faleke, the chairman of the committee, stated after the disclosure, “You have made profit now, you have made our day.”

The companies covered in last year’s reports published on the corporation’s website included the 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).

The others include the 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 the refineries posted losses while only the Nigerian Petroleum Development Company (NPDC) posted profit, according to the report.

He noted that the country will be a net exporter ofpetroleum in the post-Petroleum Industry Act and coming onboard of the Dangote refinery and other refineries undergoing rehabilitation.

“In post-PIA, absolutely, NNPC will be done with the importation of PMS, but not just PIA. By the time we are done with our refineries and Dangote comes on, nobody will import petroleum into the country.

There will be no need for it anymore. It won’t happen. We will become net exporter,” he said.

Defending the $57 per barrel oil benchmark in the MTEF, Mr Kyari said the current $70 pre barrel is subject to the law of demand and supply.

He argued that the $57 per barrel was arrived at based on historical trends of prices in the international market.

“Price growth is to be moderated by the lingering concerns over COVID-19, increased energy efficiency, switching due to increased utilisation of gas and alternatives for electricity generation.

These are reflected in the Medium Term Revenue Framework,” he said.

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