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<p>The House of Representatives has commended the on-going reforms at the<br />
Nigerian National Petroleum Company (NNPC) Ltd, saying that the legislature is<br />
very pleased with the company&#8217;s growth from a loss-making one into a profitmaking commercial entity.</p><div class="uFEPHoPZ" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>The commendation came from the Speaker of the House of Representatives, Rt.<br />
Hon. Abbas Tajudeen, when NNPC Ltd.’s Group CEO, Mele Kyari led the company’s<br />
Senior Management on a courtesy call to the House of Representatives at the<br />
National Assembly Complex, on Thursday.<br />
The Speaker, who described the NNPC Ltd. as a critical stakeholder in Nigeria’s<br />
economy, said that it is imperative for all arms of government to support the<br />
Company to enable it deliver on its mandate.</p>
<p>“When we discuss the Nigerian economy, we must talk about the NNPC Ltd. as a<br />
dominant force. We are delighted that the ongoing reforms at NNPC Ltd. have<br />
started yielding fruit. It is pleasing to hear that you have moved from a lossmaking entity to a profit-making one. We urge you to sustain these reforms,” the<br />
Speaker stated.</p>
<p>The Speaker, who congratulated President Bola Tinubu for the bold decision to<br />
remove subsidy on petroleum products said the singular decision has relieved the country of a major problem that has bogged it over the years.</p>
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<p>He called on the NNPC Ltd. management to devise more practicable ways of<br />
revamping the nation’s refineries to turn around their fortunes for the better.<br />
Describing crude oil theft and pipeline vandalism as a huge problem which, if left unchecked, could bring the nation’s economy to a halt, the Speaker assured that the Parliament would support the NNPC Ltd. in its fight against the menace.</p>
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<p>Earlier in his remarks, the GCEO of NNPC Ltd., Mr. Mele Kyari said that with the<br />
passage of the Petroleum Industry Act (PIA) 2021, NNPC Ltd&#8217;s profitability margins<br />
have significantly risen, growing from a loss position of N803billion in 2018 to a<br />
profit position of N674billion in 2021.<br />
Kyari noted that NNPC Ltd. is targeting a profit increase of N2trillion when the<br />
2022 Audited Financial Statements (AFS) are released, adding that since July this<br />
year, the Company has started paying dividends to its shareholders.</p>
<p>While lauding the National Assembly for the critical role it played in the<br />
enactment of the Petroleum Industry Act (PIA) 2021, Kyari said that this legislative<br />
endeavour had given birth to a new commercially oriented National Oil Company<br />
(NOC) that is governed by the Company &; Allied Matters Act (CAMA).</p>
<p>He informed the House that the Company has made robust plans for the supply<br />
of petroleum products especially Premium Motor Spirit (PMS), also known as<br />
petrol, sufficient to last beyond the ‘ember months and the new year festivities.<br />
“By the creation of the National Assembly, NNPC Ltd. is saddled with the<br />
responsibility of guaranteeing Nigeria&#8217;s energy security which is critical to national<br />
security.</p>
<p>We have made a robust plan for the forthcoming end of the year<br />
festivities and beyond. We do not see any shortages in the petroleum products.</p>
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