Mr Kyari explained that the establishment of the Petroleum Industry Act (PIA) helped the NNPC Ltd to improve its operations.

The Nigerian National Petroleum Corporation Limited (NNPC Ltd) remitted N4.5 trillion as revenue to the federation account in October.

The Chief Executive Officer of NNPC Ltd, Mele Kyari, disclosed this on Wednesday when he appeared before the Senate Committee on Finance to defend the company's budget for the 2024 fiscal year.

''I am glad to inform you, Mr Chairman and distinguished senators that as of October we are able to deliver N4.5 trillion into the federation account as a company to this country in 2023'' Mr Kyari said.

Mr Kyari explained that the establishment of the Petroleum Industry Act (PIA) helped the NNPC Ltd to improve its operation.

''Every national oil company has a trading company. We have always had one which. never worked prior to PIA Implementation.

''Currently NNPC Ltd is delivering on its mandate through the PIA reforms that have brought us to be at par with our peers, across the globe, and not to lose money anymore'' he said.

He assured that the company will continue to develop the nation's petroleum industry.

''There is always a parallel market in every country. There is also an import and export window in every country, even in the developed world.

''But there is always a narrow gap between the two and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period of time, then businesses will thrive.

''There is a line of sight around this. I am very confident that by the end of the first quarter of next year, those margins will narrow and stability will come and you will see others coming into the market'', he said

Chairman of the committee, Sani Musa, commended the NNPC Ltd for the development.