The Nigerian National Petroleum Company Limited (NNPCL) has remitted a staggering N10 trillion to the federation account as of September 2024, according to the Group Chief Executive Officer (GCEO), Dr. Mele Kyari.
Dr. Kyari made this revelation during a presentation to the National Assembly Joint Committee on Finance in Abuja, where he also highlighted the company’s transparency in financial reporting.
He proudly stated that NNPCL is “the only company in Nigeria that publishes 100 per cent of its accounts on a yearly basis,” underlining the company’s commitment to transparency.
In his address, Kyari underscored NNPCL’s role as the highest taxpayer in the country and the largest payer of royalties and dividends. He also noted the company’s critical role in stabilising petrol prices, revealing that NNPCL had acted as the “supply of last resort” for fuel until October 2024, as mandated by the Petroleum Industry Act (PIA).
- How Tinubu Endorsed Obasa’s Removal as Lagos State Assembly Speaker
- Football is About Scoring Goals’ – Éric Chelle Promises Attacking Football, World Cup Glory
This role, Kyari explained, required a forensic audit to determine how much the company is owed or owes to other agencies for its efforts in ensuring uninterrupted fuel supply and price stability from January to September 2024.
“Until 1st of October 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supply of last resort on fuel supply, which requires forensic audit to know how much NNPCL is being owed or owing any agency,” he said.
Kyari further revealed that NNPCL’s revenue projections for 2025 will be finalised following a meeting of the company’s board of directors in two weeks. He assured the committee that the parameters for the 2025 budget were “realistic and realisable.”
Meanwhile, Dr. Abubakar Dantsoho, the Managing Director of the Nigerian Ports Authority (NPA), reported that the agency had remitted N753 billion into the Consolidated Revenue Fund and projected N997 billion for the 2025 fiscal year. However, the joint committee, chaired by Senator Sani Musa and Hon. James Faleke, revised NPA’s revenue projection for 2025, increasing it from N997 billion to N1.75 trillion. This adjustment was made to optimise the 56 revenue sources available to the NPA.
The committee’s decision aims to maximise the agency’s potential revenue generation to support Nigeria’s economic growth in 2025 and beyond.
