The Nigerian National Petroleum Company Limited (NNPCL) has remitted N10 trillion to the federation account, solidifying its position as the country’s highest taxpayer and the only Nigerian company that publishes 100% of its annual financial statements.
This announcement was made by the Group Chief Executive Officer, Malam Mele Kyari, on Wednesday during a presentation to the National Assembly’s joint committee on Finance, where he detailed NNPCL’s 2024 revenue performance and projections for 2025.
Kyari also called for a forensic audit of the funds expended by NNPCL on fuel price stabilization and ensuring uninterrupted petrol supply from January to September 2024. He explained that until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), had acted as the supplier of last resort for fuel.
“A forensic audit is necessary to assess the financial obligations of NNPCL and any outstanding debts owed by or to the company,” Kyari stated. “Our transactional accounts are transparent, published annually, and reinforce our position as the top taxpayer and the largest contributor of royalties and dividends.”
Regarding NNPCL’s 2025 revenue outlook, Kyari noted that a more concrete figure would be provided following the company’s upcoming board of directors meeting in two weeks. He assured the committee that the projections for the 2025 budget were both realistic and achievable.
In related news, the National Assembly has raised the Nigerian Ports Authority’s 2025 projected revenue to N1.75 trillion, emphasizing the importance of enhancing revenue generation across key government agencies.
