On Thursday, state governors voiced their worries about the ownership, responsibilities, and assets of the newly formed Nigerian National Petroleum Company Limited.
Vice President Yemi Osinbajo, the Council’s chairman, then gave the order to form a subcommittee to communicate with the Federal Government about all of the problems brought up.
Concerns arose after a presentation by Mele Kyari, Group Chief Executive Officer of the NNPC Ltd., in which he shared updates on crude oil production, PMS supply situation, and security intervention against oil theft, according to a statement by Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity.
The statement was titled ‘NEC commends Nigeria Sovereign Investment Authority’s performance at annual governing council meeting.’
The statement read, “The Group CEO of NNPC Limited, Mele Kyari, made a presentation to the council on ‘Crude Oil Production, PMS Supply Situation and Security Intervention against Oil Theft’;
“In it, he raised several issues including oil production and market updates. He also gave updates on the PMS supply and distribution, assuring of sufficiency.
“After his presentation, state governors raised a number of issues regarding the ownership of the new NNPC Limited, its assets and liabilities.
“NEC therefore resolved, and the Vice President directed that a sub-committee of the Council be set up to liaise with the Federal Government on all the issues.”
The Nigeria Sovereign Investment Authority’s managing director, Uche Orji, briefed the council earlier. He said that the agency ended the 2021 fiscal year with a profit after tax of N153.8 billion, a slight decrease of 1.9% from the previous year. (2020: N156.5bn).
The NSIA CEO also pointed out that total comprehensive income was down somewhat in 2021 by 8.2%, ending the year at N147 billion (2020: N160.1 billion).
“The NSIA delivered impressive financial results, underscoring the resilience of its strategy. For the 9th year in a row, the NSIA has consistently remained profitable, closing the 2021 financial year with a profit after tax of N153.8 billion, slightly down 1.9 per cent from 2020. (2020: N156.5 billion).
“Total comprehensive income declined marginally in 2021 by 8.2 per cent to close the year at N147.0 billion (2020: N160.1 billion).
“The NSIA has reached major milestones across domestic infrastructure in the year under review in terms of projects such as motorways, agriculture, healthcare, technology, gas industrialization and others,” Orji disclosed.
Afterwards, the Council endorsed the report; commending the NSIA board and management for “a credible performance despite the challenging economic atmosphere.”
The NEC unanimously accepted the presentations on the System Approach for Better Education Results program made by the Minister of Industry, Trade, and Investment, Niyi Adebayo, and the Special Advisor to the President on Ease of Doing Business, Jumoke Oduwole.
It also endorsed a suggestion for the formation of the National Steering Committee for SABER, which would include PEBEC and the Adhoc Committee for New Generation SABER, and be presided over by the Vice President.
The National Primary Health Care Development Agency and the Nigerian Centre for Disease Control both gave presentations before the council.
