NNPC Cuts Losses in One Financial Year by N800bn – GMD

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The Group Managing Ddirector of the Nigerian National Petroleum Corporation (NNPC), Engr Mele Kyari, has said that the apex oil corporation is the only company in the country that has cut its losses within one financial year by N800 billion.

He disclosed this via Corporation’s Twitter handle last Saturday. Kyari said NNPC has improved efficiency by cutting its losses by 97% within a financial year.

“We went ahead and published the 2019 audited report & were able to learn and cut cost & became more efficient.

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“There is no company in the country which has cut its losses within one financial year by N800bn.

“We have improved efficiency by cutting 97% in our losses. These are truly difficult times for our Industry.

“But I am proud to say that we were able to maintain our obligations to the Federation Account for seven months without any fail despite the huge impact of the #COVID-19 pandemic on the oil and gas industry,” he said.

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The NNPC GMD hinted further that the corporation had published the 2019 audited report and were able to learn to cut cost and became more efficient.

“There is no company in the country which has cut its losses within one financial year by N800 billion. We have improved efficiency by cutting 97% in our losses”

By Chibisi Ohakah, Abuja

More Nigeria Oil an Gas Industry News on Orient Energy Review.


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