The Nigerian National Petroleum Company Limited (NNPCL) has announced a record remittance of N10 trillion to the federation account for 2024.
This the Group Chief Executive Officer (GCEO), Mele Kyar said solidifies its position as Nigeria’s highest taxpayer and the only company in the country to publish 100 per cent of its account statements annually.
This disclosure Kyari made during a presentation on the company’s 2024 revenue performance and 2025 projections to the National Assembly’s Joint Committee on Finance.
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Kyari also urged a forensic audit of the funds expended by NNPCL on fuel price stabilization and uninterrupted petrol supply between January and September 2024.
“Until October 1, 2024, NNPCL, in line with its mandate under the Petroleum Industry Act (PIA), served as the supplier of last resort for fuel supply,” Kyari explained.
“A forensic audit is essential to establish NNPCL’s financial obligations and any outstanding debts to other entities. Our transparent publication of transactional accounts underscores our leadership as the top taxpayer and highest contributor of royalties and dividends.”
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On the company’s 2025 revenue projections, Kyari stated that a final figure would be determined after a board of directors meeting scheduled in two weeks.
He assured the committee that the budgetary targets for 2025 were both realistic and achievable.
In a related development, the National Assembly has increased the 2025 projected revenue for the Nigerian Ports Authority (NPA) to N1.75 trillion, emphasizing the importance of boosting revenue generation across major government agencies.
