Monday, November 23, 2020

NNPC cuts loses by 97%, meets obligations to federation account - ITREALMS

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The management of the Nigerian National Petroleum Corporation (NNPC) has said that despite huge effect of COVID-19 pandemic this year, it was able to maintain obligations to the Federation Account and cut cost worth N800 billion, reports 
ITREALMS.

This, NNPC said, has brought about cutting of losses by 97 per cent within the period under review.
The Group Managing Director, Mallam Melle Kyari made this revelation in a Tweet on Friday, saying there are "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." 

He also said they were proud to were able to maintain their 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. 

“We went ahead & published the 2019 audited report and were able to learn and cut cost & became more efficient,” he said, stressing that 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," he said. 

MD also noted that NNPC has never published its audited financial statement in 43 years. 

“We came and started doing that and released the 2018 financial statement,” he said. 

As said by Kyari, they were not afraid of doing that and there were a lot of criticisms that “we lost money in refinery operations and pipeline business." 

Chuks Egbune/Editor

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