The Nigerian National Petroleum Company Limited (NNPCL) has remitted ₦10 trillion to the federation account, making it the highest taxpayer in the country and the only company in Nigeria to publish 100% of its account statements annually.
This was revealed by the Group Chief Executive Officer (GCEO), Malam Mele Kyari, during a presentation to the National Assembly’s joint committee on Finance on Wednesday, where he also discussed NNPCL’s 2024 revenue performance and 2025 projections.
Kyari called for a forensic audit of the funds spent by NNPCL on fuel price stabilization and ensuring uninterrupted petrol supply between January and September 2024.
He stated that NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply until October 1, 2024. Kyari added that a forensic audit was needed to determine financial obligations and ensure transparency.
Regarding the 2025 revenue projections, Kyari noted that a definitive figure would be announced after the upcoming board meeting. He assured the committee that the 2025 budget was realistic and achievable.
In related news, the National Assembly has raised the projected 2025 revenue for the Nigerian Ports Authority (NPA) to ₦1.75 trillion, stressing the importance of increased revenue generation across key government agencies.