NNPCL Remitted ₦‎10 Trillion To Federation Account In 2024 – Kyari

The Nigerian National Petroleum Company Limited has remitted N10 trillion to the federation account, making it the highest taxpayer in the country and the only company in Nigeria that publishes 100% of its account statements annually.

This is according to the Group Chief Executive Officer, Malam Mele Kyari, who stated this on Wednesday during a presentation on NNPCL’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance.

The NNPCL boss also called for a forensic audit of the funds spent by NNPCL on fuel price stabilization and ensuring uninterrupted petrol supply between January and September 2024.

“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply.

“A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends”, he said.

Regarding the company’s 2025 revenue projections, Kyari indicated that a definitive figure would be provided after the upcoming board of directors meeting in two weeks.

He assured the committee that the parameters for the 2025 budget were both realistic and achievable.

In a related development, the National Assembly raised the 2025 projected revenue for the Nigerian Ports Authority to N1.75 trillion, underscoring the need for increased revenue generation across key government agencies.