NNPCL remits N10tr in 2024 as NASS sets N1.75tr target for NPA

The Nigerian National Petroleum Company Limited (NNPCL) has declared itself as the only company in Nigeria that publishes 100% of its financial accounts annually.

The Group Chief Executive Officer, Malam Mele Kyari, made this assertion on Wednesday while presenting the company’s 2024 revenue performance and 2025 projections before the National Assembly Joint Committee on Finance.

Kyari revealed that the NNPCL remitted a record N10 trillion to the Federation Account as of September 2024, further emphasizing its role as the country’s largest taxpayer, royalty payer, and dividend contributor.

“Our transactional accounts are completely transparent, published yearly, and we remain the highest tax contributor to the Federation Account. NNPCL is committed to maintaining this position as a leading commercial national oil company,” Kyari stated.

He called for a forensic audit of the funds spent by NNPCL on petrol price stabilization and ensuring uninterrupted fuel supply from January to September 2024.

“Until October 1, 2024, under the Petroleum Industry Act (PIA), NNPCL acted as the supplier of last resort for fuel supply. A forensic audit will clarify any amounts owed or due,” Kyari explained.

Kyari disclosed that NNPCL’s 2025 revenue projections would be finalized after its board of directors meets in two weeks.

“The parameters for the 2025 budget are realistic and achievable,” he assured the committee.
In a separate presentation, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, announced that the agency had remitted N753 billion to the Consolidated Revenue Fund (CRF) in 2024 and projected N997 billion for 2025.

However, the Joint Committee on Finance, chaired by Senator Sani Musa and Hon. James Faleke, increased NPA’s 2025 revenue projection to N1.75 trillion. The adjustment, the committee explained, was based on the maximization of NPA’s 56 revenue streams.

The session underscored the growing scrutiny of Nigeria’s key revenue-generating agencies as the government seeks to maximize income amidst economic challenges.