The Nigerian National Petroleum Company Limited (NNPC) has declared that it remitted N4.5trillion generated revenue as at October this year into Federation Account.
The company also assured that the projections on crude oil production and price benchmark for the 2024 Budget were realistic and realisable.
It also declared that prosperity beckons for the country as indices and parameters in that direction are already showing and being strategically leveraged on by NNPC Ltd and other key players in the oil sector.
The group chief executive officer (GCEO) of the company, Mele Kyari, made these known during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja, on Wednesday.
Kyari assured the Committee members that better days are ahead for the company and by extension Nigeria as reform contained in the Petroleum Industry Act for the oil sector, has made NNPC Ltd to be at par with its peers, across the globe
Speaking on the dynamics of the market in relation to the projected budget benchmark price of $77.96 per barrel, 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 barre oi in the market. The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by the President around $77.96is still realisable in 2024.”
