NNPC: Payment of N123bn to FAAC shows we’re moving in right direction | TheCable
July 23, 2023 10:13 AMThe Nigerian National Petroleum Company Limited says remitting an interim dividend of N123 billion to the Federation Account Allocation Committee for June 2023 shows a positive trajectory.
Umar Ajiya, NNPC’s chief financial officer , said the move was to consolidate its post-Petroleum Industry Act status as an income-generating company.The total revenue shared comprised distributable statutory revenue of N301.5 billion, distributable value-added tax of N273.23 billion, and electronic money transfer levy income of N11.44 billion.
“The goal of Mele Kyari, the group chief executive officer , NNPC, is to set the nation’s oil company on the path of profitability and sustainable growth. “Since the transformation of the NNPC from a loss-making organisation pre-PIA to a robust profit-making company post-PIA, the company under Kyari has pursued global governance best practices aimed at repositioning the company for greater growth.
“The payment to FAAC clearly shows that the company under the leadership of Kyari is moving in a positive trajectory as enshrined in the PIA.”
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