According to the Nigerian National Petroleum Company Limited (NNPC Ltd), there is sufficient premium motor spirit (PMS), or gasoline, on hand to endure through the holiday season. Olufemi Soneye, the Chief Corporate Communications Officer, made this revelation in a statement.
Assuring Nigerians that there is a sufficient supply of gasoline is crucial for maximizing national security, according to Group Chief Executive Officer (GCEO) Mele Kyari, during a courtesy visit to Senate President Godswill Akpabio at the National Assembly on Wednesday.
Soneye quoted the GCEO as saying, “By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security,” Soneye quoted the GCEO as saying.
“We have made a robust plan for the forthcoming end-of-the-year festivities and beyond. We do not see any shortages in the petroleum products supply for the period.”
Kyari went on to praise the National Assembly for its crucial contribution to the Petroleum Industry Act (PIA) 2021 enactment. He said that as a result of the act’s passing, NNPC Ltd.’s profitability margins had dramatically increased, going from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
He said that when the 2022 audited financial statements (AFS) are produced, NNPC Ltd. hopes to have increased profits by N2 trillion. The corporation also started paying dividends to shareholders in July.
In order to assist the federal government’s goals of industrialization and electricity generation, Kyari continued, the company is investing in a number of gas and power projects across the nation.
He mentioned that in order to make sure that Nigeria turns into a net exporter of petroleum products, the company is trying to revitalize domestic petroleum product refining and partnering with local refiners.
In reply, Akpabio praised the business for making sure there was a sufficient supply of petroleum products for the celebrations.
The Senate President said, “Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient product supply this coming festive period and beyond.”
The National Assembly will support the company’s objectives, Akpabio added, stating that they align with President Bola Tinubu’s “renewed hope agenda.”
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