Reps hail NNPC as Kyari clarifies revenue projection for 2022-2024
The Chairman, House Committee on Finance, Abiodun Faleke has said his committee is now better equipped with the necessary information to oversee on the oil industry following an expository on the activities of the NNPC.
Faleke had commended the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari for his explanations, saying; "you have made our day, the committee is better informed based on explanations provided by the GMD."
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, had appeared before the Reps Finance committee during an interactive session on the 2022-2024 Medium Term Expenditure and Revenue Framework (MTERF) and Fiscal Strategy Paper (FSP).
He had provided an in-depth analysis and insider perspective on the operations of the NNPC and the oil industry in general during his presentation.
Kyari, had in his presentation, provided a base oil price scenario in the medium term as follows: $57 per barrel for 2022, $61 per barrel for 2023 and $62 per barrel for 2023.
He told the committee that the assumptions were arrived at after a careful appraisal of the three-year historical analysis of Brent Oil Price average of $59.07 per barrel premised on Platts Spot Prices.
"Price growth is to be moderated by lingering concerns over COVID-19, increased energy efficiency, switching due to increased utilization of gas and alternatives for electricity generation. These are reflected in the Medium Term Revenue Framework'' Kyari informed.
He, in spite of that, appealed with the National Assembly to come to the aid of the Corporation on the perennial challenge of smuggling of petroleum products.
He said the suggestion by government agencies for the NNPC to establish retail stations in neighbouring countries could be counterproductive and not a solution.
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