Dr. Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), has announced that the company remitted a total of N10 trillion to the Federation Account as of September 2024.
The GCEO of NNPCL made the disclosure during a presentation on NNPCL’s revenue generation and performance for 2024, as well as its projections for 2025, before the National Assembly Joint Committee on Finance in Abuja.
Kyari further highlighted that NNPCL is the only company in Nigeria that publishes 100% of its financial accounts annually, underscoring the company’s commitment to transparency.
“Nigerian National Petroleum Corporation is the highest taxpayer in the country, as well as the highest payer of royalties and dividends,” Kyari added.
The GCEO also called for a forensic audit of the company’s spending between January and September 2024, which was directed at stabilizing the price of petrol and ensuring an uninterrupted supply of the product. This is in line with NNPCL’s role as the “supplier of last resort” under the Petroleum Industry Act (PIA), which mandates the company to ensure fuel availability until October 1, 2024.
“NNPCL’s transactional account is highly transparent and published annually, which makes us the only company in Nigeria noted for such transparency. We also want a forensic audit to assess the finances related to fuel price stabilization and supply during this period,” Kyari explained.
On the company’s revenue projections for 2025, Kyari noted that the estimates would be finalized after the upcoming meeting of the board of directors in two weeks. He assured the committee that the budget parameters are both realistic and achievable.
Meanwhile, during the same session, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, reported that the agency remitted N753 billion into the Consolidated Revenue Fund in 2024, with a revenue projection of N997 billion for 2025.
However, the Joint Committee on Finance, led by Senator Sani Musa and Hon. James Faleke, raised the NPA’s 2025 revenue projection from N997 billion to N1.75 trillion. The increase in the projection was aimed at maximizing the 56 revenue sources available to the NPA.
