TheCable

The Nigerian National Petroleum Corporation (NNPC) says it would eliminate corrupt practices in the management of petroleum subsidy in three years.

Bello Rabiu, NNPC head of corporate strategy and present GED/COO upstream investment, made the promise in the NNPC Energy in Brief for March 2016.

In an outline of the corporation’s strategic direction for the next 3 years, Rabiu said the corporation would also reduce the level of poverty in oil producing area.

“NNPC will seek a secured and harmonious business environment where safety, security of assets, facilities and persons are fully guaranteed by Government,” the report read.

“Reduce the level of poverty in Oil and Gas producing communities. Transit from being a massive importer of Petroleum Products to a net exporter of petroleum products

“Enhance Oil and Gas production and reduce cost to improve efficiency and profitability. Eliminate inefficiency and corrupt practices in the management of petroleum products subsidy and ensure supply and distribution of Petroleum products across the nation.”

Rabiu further highlighted that the NNPC would “relieve government of monthly cash call funding and create a sustainable self-funding arrangement”.

“Improve capacity of oil and gas regulatory institutions and enhance the commercial viability for a national oil company that would be incorporated under Companies and Allied Matters Act (CAMA) subject to same terms and conditions as any private company paying taxes to Government and dividends to shareholders”.

The NNPC added in the brief that it had successfully reduced deficit by over 80 percent in the past eight months.

“Monthly operating deficits has reduced from an average of 30bn Naira by Aug, 2015 to 3bn Naira in January 2016. Expenditure has receded from 196.25bn in December, 2015 to 134.41bn in January 2016.

The NNPC also said it remitted N85.96 billion to the federation account in January 2016, as against N96.27 billion in December 2015.