Malam Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), announced on Wednesday in Abuja that the company has remitted a significant N10 trillion to the federation account as of September 2024. He emphasized that NNPCL is the only company in Nigeria that publishes 100% of its financial accounts annually.
During his presentation on NNPCL’s revenue generation performance for 2024 and projections for 2025 to the National Assembly Joint Committee on Finance, Kyari highlighted that NNPCL stands as the highest taxpayer and the largest contributor of royalties and dividends in the country.
Kyari also called for a forensic audit to be conducted on the expenditures related to the stabilization of petrol prices from January to September 2024, ensuring an uninterrupted fuel supply.
“As of October 1, 2024, NNPCL, under the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel, which necessitates a forensic audit to clarify any debts owed by or to NNPCL,” he stated.
He reiterated the company’s commitment to transparency, noting that NNPCL’s transactional accounts are published annually, making it a leader in accountability among Nigerian companies.
In terms of future projections, Kyari stated that the 2025 revenue forecast will be discussed after the upcoming board meeting in two weeks, assuring that the budget parameters are realistic and achievable.
In a related discussion, Dr. Abubakar Dantsoho, Managing Director of the Nigerian Ports Authority (NPA), shared that the NPA has contributed N753 billion to the Consolidated Revenue Fund and anticipates a projection of N997 billion for the 2025 fiscal year.
The committee, led by Senator Sani Musa and Hon. James Faleke, has since revised the projected revenue for NPA in 2025 from N997 billion to N1.75 trillion in an effort to optimize the 56 revenue sources available to the NPA.
