The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has praised the management of the Nigerian National Petroleum Corporation (NNPC) for its openness and sustained progress towards accountability and meeting its obligations to the Federation in spite of the challenges posed by the Covid-19 pandemic.
The Chairman of the RMAFC, Engr. Elias Mbam, gave the commendation during a visit by the Group Managing Director of NNPC, Mallam Mele Kyari, to the RMAFC in Abuja.
A statement by the Corporation said the purpose of the meeting was for both organizations to share information, look at challenges and provide solutions that would enable the oil and gas sector to yield more revenue to the Federation Account.
On his part, the NNPC boss said there was need for NNPC and the RMAFC, along with other relevant government institutions, to work together to tackle challenges facing the nation’s oil and gas industry with a view to boosting revenues from the sector.
Mallam Kyari said the unprecedented successes recorded by NNPC were as a result of the trust and confidence reposed on the current management of the Corporation by the Federal Government, stressing that NNPC hit 2.49million barrels per day production level in April this year, a feat which has not been achieved in the last 10 years.
He disclosed that the current global reality of energy transition has proved gas resources to be more viable as a revenue earner for the nation and that NNPC was beginning to focus more on gas development to boost the nation’s economy and offer maximum value to Nigerians.
“As we intensify efforts towards exploitation of oil, gas has become very prominent in transactions. Throughout the Covid-19 situation, the only stream of revenue that was not impacted negatively was the gas stream and that is why we have shifted our focus to gas both in the domestic market and for export,” he stated.
He said NNPC was focusing on third party financing of oil and gas development projects, stressing that there was need for regular high-level interaction between the Corporation and the RMAFC on the issue of financing with a view to deriving maximum benefit for the over 200 million citizens of Nigeria.