.says NNPCL only company that publishes 100% of account statements
.NASS adjusts NPA’s 2025 revenue projection to N1.75tn
The Nigerian National Petroleum Company Limited (NNPCL) has declared that it remitted N10 trillion to the Federation Account as of September 2024.
This was revealed by Mele Kyari, group chief executive officer (GCEO), on Wednesday, during the presentation of the revenue generation performance of NNPCL in 2024 and projection for 2025 to the National Assembly Joint Committee on Finance.
According to Kyari, NNPCL remains the highest taxpayer in Nigeria and also leads in the payment of royalties and dividends. He noted that the company is unique in its full annual disclosure of financial statements.
“Our transactional account is very transparent, and it is published annually, making NNPCL the only company in Nigeria noted for such transparency.
“We are also the highest taxpayer in the country and the largest payer of royalties and dividends to shareholders as a commercial national oil company,” Kyari stated.
Kyari also called for a forensic audit of the funds expended by NNPCL between January and September 2024 to stabilise petrol prices and ensure uninterrupted fuel supply.
“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel. A forensic audit is required to determine how much NNPCL is owed or owes any agency,” Kyari explained.
Looking ahead, Kyari informed the committee that the company’s revenue projection for 2025 would be finalised after the board of directors’ meeting in two weeks.
He assured that the parameters for the 2025 budget are both realistic and achievable.
In a separate presentation, Abubakar Dantsoho, managing director of the Nigerian Ports Authority (NPA), disclosed that the NPA remitted N753 billion into the Consolidated Revenue Fund in 2024 and initially projected N997 billion for 2025.
However, the Joint Committee, led by Senator Sani Musa and Hon. James Faleke, adjusted the NPA’s 2025 revenue projection upward to N1.75 trillion.
The increase, according to the chairmen, was aimed at maximising the potential of the agency’s 56 identified revenue sources.
By Tope Omogbolagun @BusinessDay
