Debt Cancellation Validates Ojulari’s Stewardship At NNPCL – Agbese

The Deputy Spokesperson of the House of Representatives, Hon. Philip Agbese, has commended President Bola Ahmed Tinubu for approving the cancellation of legacy debts owed by the Nigerian National Petroleum Company Limited (NNPCL) to the Federation Account, describing the decision as a strong endorsement of transparent and accountable leadership under the company’s Group Chief Executive Officer, Engr. Bashir Bayo Ojulari.

Agbese said the presidential directive, which cleared about $1.42 billion and N5.57 trillion in outstanding obligations as of December 31, 2024, followed a thorough reconciliation exercise conducted by the Stakeholder Alignment Committee, reflecting renewed confidence in NNPCL’s management.

According to him, the debt forgiveness represents a clear vote of confidence in Ojulari’s stewardship of the national oil company.

“This debt cancellation is more than financial relief. It is a powerful testament to the trust the Presidency has in Engr. Ojulari’s commitment to transparency, accountability and institutional reform,” Agbese said.

He noted that under Ojulari’s leadership, NNPCL has significantly improved openness in its operations, making it possible to reconcile long-standing financial disputes and achieve a historic reset.

“NNPCL has opened its books like never before. The return of monthly financial and operational reports—suspended since 2021—has restored stakeholder confidence and enabled real-time oversight,” he stated.

Agbese added that the renewed transparency directly contributed to the successful reconciliation process that culminated in the debt cancellation.

He further highlighted notable achievements in upstream operations, citing record-breaking production levels by NNPCL subsidiaries.

“NNPC Exploration and Production Limited recorded a daily output of 355,000 barrels on December 1, 2025, the highest in 36 years,” he said.

He explained that average production rose by 52 per cent, from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025, while national output climbed to over 1.7 million barrels per day, attributing the growth to effective partnerships and strengthened efforts against crude oil theft.

On infrastructure development, Agbese described the progress on the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) gas pipeline as a major milestone.

“The completion of the main line welding, including the technically challenging River Niger crossing, is a game-changer for gas supply to northern Nigeria and industrial development,” he said.

Agbese also praised Ojulari’s strategic vision and forward planning, noting that the target of 1.8 million barrels per day by 2026 reflects realistic and reform-driven leadership.

“With the Petroleum Industry Act freeing NNPCL from federal funding dependence, the company has become profit-oriented and better positioned to guarantee national energy security,” he added.

In the downstream sector, Agbese acknowledged progress in refinery rehabilitation, particularly at the Port Harcourt Refining Company, as part of broader efforts to boost domestic refining capacity and reduce fuel importation.

He emphasised that the resolution of legacy debts would allow NNPCL to focus fully on current operations and future investments.

“Engr. Ojulari’s transparent leadership has lifted historical financial burdens and is building a stronger, more accountable national oil company. Nigerians can expect even greater milestones ahead,” Agbese said.