The Nigerian National Petroleum Company Limited (NNPCL) has remitted ₦10 trillion to the federation account, solidifying its position as the highest taxpayer in Nigeria. It also remains the only company in the country to publish 100% of its account statements annually.
This was disclosed by the Group Chief Executive Officer (GCEO), Malam Mele Kyari, during a presentation on NNPCL’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance on Wednesday.
Kyari further called for a forensic audit of the funds expended by NNPCL 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), served as the supplier of last resort for fuel supply,” Kyari stated. “A forensic audit is essential to ascertain NNPCL’s financial obligations and any outstanding liabilities. Our transactional accounts are transparent and published annually, reaffirming our position as the top taxpayer and the largest contributor of royalties and dividends.”
On the company’s 2025 revenue projections, Kyari noted that a definitive figure would be available following the upcoming board of directors meeting in two weeks. He assured the committee that the parameters for the 2025 budget were both realistic and achievable.
In a related development, the National Assembly has raised the 2025 projected revenue for the Nigerian Ports Authority (NPA) to ₦1.75 trillion, emphasizing the importance of increasing revenue generation across key government agencies.