https://triumphnews.org/new-nnpcll-guarantee-national-energy-security-buhari/
Triumph News
President Muhammadu Buhari has unveiled the new Nigerian National Petroleum Company Limited (NNPC Limited), affirming that the company is mandated by law to ensure that the nation’s National Energy Security is guaranteed.
Speaking at the occasion at State House Conference Centre in Abuja recently, the President said Africa’s largest National Oil Company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
At the event, which featured a special rendition of the Theme Song ‘Energy for today, Energy for tomorrow, Energy for Everyone,’ by an Ensemble, the President recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.
He expressed optimism that the NNPC Limited would sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA).
‘‘This is a landmark event for the Nigerian oil industry. “Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements. “We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.
“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.
“The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.
“It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability…
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