Reps commend NNPC GMD, clarifies revenue projection for 2022-2024

The House of Representatives has commended the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, on perspective on some issues surrounding the operations of the NNPC and the Oil Industry.

Rep James Faleke, Chairman, House Committee on Finance gave the commendation at an interactive session on the 2022 to 2024 Medium Term Expenditure and Revenue Framework (MTERF) and Fiscal Strategy Paper (FSP) on Wednesday in Abuja.

Faleke, commended the NNPC GMD for providing an in-depth explanation and insider perspective on some issues surrounding the operations of the NNPC and the Oil Industry stating:

“You have made our day, the committee is better informed based on explanations provided by the GMD.”

Kyari, in his presentation, provided a base oil price scenario in the medium term as follows: 57 per dollars barrel for 2022, 61 per dollars barrel for 2023 and 62 per dollars barrel for 2023.

Kyari explained that the assumptions were arrived at after a careful appraisal of the three-year historical dated Brent Oil price average of 59.07 dollars per barrel premised on Platts Spot Prices.

“Price growth is to be moderated by the lingering concerns over COVID-19, increased energy efficiency, switching due to increased utilization of gas and alternatives for electricity generation.