By Our Reporter
The Nigerian National Petroleum Company Limited (NNPCL) has remitted a record N10 trillion to the Federation Account, making it the highest taxpayer in the country. It is also the only company in Nigeria that publishes 100% of its account statements annually.
This was revealed by Malam Mele Kyari, the Group Chief Executive Officer of NNPCL, during a presentation to the National Assembly’s joint committee on Finance regarding the company’s 2024 revenue performance and 2025 projections.
Kyari also called for a forensic audit of the funds spent by NNPCL between January and September 2024 on fuel price stabilization and ensuring uninterrupted petrol supply. He noted that, under the Petroleum Industry Act (PIA), NNPCL had acted as the supplier of last resort for fuel supply until October 1, 2024.
“A forensic audit is necessary to fully assess NNPCL’s financial obligations and determine if any funds are owed to other entities. Our transactional accounts are fully transparent and published annually, which highlights our status as the top taxpayer and the highest contributor of royalties and dividends,” Kyari said.
On the company’s 2025 revenue projections, Kyari indicated that a final figure would be disclosed after the upcoming board of directors meeting in two weeks. He emphasized that the parameters set for the 2025 budget were realistic and achievable.
In a related update, the National Assembly has raised the 2025 projected revenue for the Nigerian Ports Authority (NPA) to N1.75 trillion, reflecting a broader push for enhanced revenue generation across major government agencies.