The Nigerian National Petroleum Corporation on Wednesday said it has fully complied with the federal government’s directive on the Treasury Single Account (TSA) in its operations.
The Minister of State for Petroleum Resources, Ibeh Kachikwu, who disclosed this on Tuesday in Abuja when members of the House of Representatives Committee on Petroleum Downstream visited him as part of their oversight roles, said this would promote probity and accountability in its day-to-day operations.
Mr. Kachikwu said the corporation would work with the National Assembly to ensure efficiency and transformation of the downstream sector of the petroleum Industry.
Mr. Kachikwu, who doubles as the group Managing Director of the NNPC, told the lawmakers that the petroleum industry was currently undergoing fundamental changes in the face of dwindling global crude oil prices.
He requested the National Assembly to support the NNPC in soliciting funds from private local and international investors to execute its capital projects.
Some of the NNPC subsidiaries, the minister explained, were being unbundled to guarantee energy efficiency and security, stressing that the Pipelines and Products Marketing Company (PPMC) was being restructured into a pipelines company, products marketing company and a storage company.
The Minister stated that despite the challenging environment, especially in the area of pipeline security, the NNPC was mandated to ensure steady supply and distribution of petroleum products such as premium motor spirit (petrol), automative gas oil (diesel) and dual purpose kerosene (kerosene) across the country.
Mr. Kachikwu said the NNPC was going into joint venture partnership with state governments and private companies to expand their retail outlets across the country in order to meet national energy needs.
He urged members of the National Assembly to enact legislations that would support the growth and development of the petroleum sector.
Earlier, the Chairman of the House of Representatives Committee on Petroleum Downstream, Joseph Akinlaja, assured the Minister of the preparedness of the National Assembly to support the Federal Government in carrying out its restructuring of the oil and gas Industry for the benefit of Nigerians.