The Nigerian National Petroleum Corporation NNPC and the Budget Office of the Federation have commenced extensive stakeholders’ engagement designed to seek effective coordination of the 2020-2023 medium term fiscal frameworks.
The meeting which was held at the NNPC Towers had in attendance the Group Managing Director of the NNPC , Mr. Mele Kyari, and his Top Management team in parley with the Budget Office of the Federation led by the Director General, Mr. Ben Akabueze and his team.
Mr. Kyari said the parley marked the beginning of an extensive collaboration with the budget office to harmonize strategies geared towards ensuring optimization of resources aimed at improving the corporation’s revenue generation ability.
The NNPC GMD said as the main enabler of the Nigerian economy, the NNPC would work with the Budget Office to further transparency and enhance prevailing sanity in the reporting of oil and gas revenue remittances to the Federation Account.
He noted that the entity entrusted with the mandate of superintending over the nation’s vast hydrocarbon resources on behalf of the government and people of Nigeria, the NNPC must be open and accountable to all stakeholders.
Earlier in his address, Mr. Akabueze spoke on the importance of meeting with the Management of NNPC to discuss on all issues and possible fiscal scenarios ahead of the 2020-2023 budgetary frameworks.
He also said that the budget office is looking up to the NNPC Strategy Team in the near future for fruitful deliberations to smoothen the process of achieving a win-win fiscal regime.
Mr. Akabueze noted that despite the push to diversify the nation’s revenue base, the oil and gas sector remain the main earner of foreign exchange in Nigeria.