The Nigerian National Petroleum Company Limited (NNPCL) has declared a total remittance of ₦10 trillion to the federation account, reaffirming its position as the highest taxpayer in Nigeria.
Additionally, the company remains the only entity in the country to publish 100% of its annual account statements, according to its Group Chief Executive Officer (GCEO), Malam Mele Kyari.
Kyari made this announcement on Wednesday while presenting NNPCL’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance.
Highlighting NNPCL’s operational transparency, Kyari advocated for a forensic audit of the funds expended 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,” Kyari explained.
“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.”
Addressing 2025 revenue plans, Kyari informed the committee that specific figures would be finalized following the upcoming board of directors meeting in two weeks.
He assured that the parameters for the 2025 budget are both realistic and achievable, signaling optimism for the company’s future financial performance.
In a similar vein, the National Assembly has raised the projected revenue target for the Nigerian Ports Authority (NPA) to ₦1.75 trillion, emphasizing the importance of increased revenue generation from key government agencies.
NNPCL’s transparency and consistent contribution to national revenue remain pivotal to Nigeria’s economic stability, with stakeholders urging the company to sustain its commitment to financial accountability.