The Corporation realised $6.3 billion revenue out of the $12.7 billion that was approved for it
The Nigerian National Petroleum Corporation (NNPC) has given itself a revenue goal of $43.6 billion for the year 2013.
Andrew Yakubu, the Group Managing Director of the Corporation made the revelation at the House Committee(Upstream) session Budget defense hearing for 2012/2013 on Thursday.
Speaking on the performance of the 2012 Budget, Yakubu said the Corporation realised $6.3 billion revenue out of the $12.7 billion that was approved for it aside the Federal Government allocated $10.4 billion.
Regarding its operational plan, he said more exploration will be done with strategic Joint Venture partnership through the concession agreements which will help to build its capacity in the energy market.
Speaking on sources of alternative funding, he said: ?Whatever of Finance? we also have external loans as well as our joint venture partners. we need to spend needs to be appropriated for. From our work programme, we make provisions for it in the cash calls. We also engage the Federal Ministry?.
The National Legislators urged the NNPC to be strategic as well as expand its reserve, stressing that it was essential to the Nation?s energy sustainability in the midst of the international oil price variations.
The House Committee however, frowned at the fact that despite the huge sums allocated to private security agencies, the incidence of pipeline vandalization and theft was still on the increase in the country, although NNPC has promised to be more productive and enterprising, revealing that creativity and proactive steps have been put in place as part of efforts to end the era of inefficiency, wastage and insolvency.