The Nigerian National Petroleum Company Limited (NNPCL) said it remitted N10 trillion to the federation account as at September 2024, making it the highest taxpayer in the country and the highest payer of royalty and dividends to shareholders.
NNPC also said it is the only company in Nigeria that publishes 100 per cent of its account on a yearly basis.
The Group Chief Executive Officer (GCEO) of the national oil firm, Malam Mele Kyari, made these claims on Wednesday during presentation of revenue generation performance of NNPCL in 2024 and projection for 2025 to the National Assembly joint committee on Finance.
Kyari, however, said the company would want forensic audit to be conducted on money it spent for stabilization of petrol price from January to September 2024 and uninterrupted supply of the product.
“Until 1st October 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supply of last resort on fuel supply which requires forensic audit to know how much NNPCL is being owed or owing any agency,” Kyari said.
“Our transactional account is very transparent which is published on yearly basis, making NNPCL the only company in Nigeria noted for that, and also the highest taxpayer in the country as well as highest payer of royalty and dividends to shareholders as a commercial national oil company,” he said.
Kyari, however, told the joint committee that revenue projection for 2025 would be made after the meeting of the company’s Board of Directors in two weeks’ time.
He said the parameters for the 2025 budget are realistic and realisable.
In his encounter with the joint committee on Finance, the Managing Director of Nigeria Ports Authority (NPA), Dr Abubakar Dantsoho, said NPA remitted N753 billion into consolidated revenue fund and projected N997 billion for 2025 fiscal year.
The Committee chaired by Senator Sani Musa and Hon James Faleke, however, jacked up the projected revenue for 2025 from N997 billion to N1.75 trillion.
The increased revenue projection, according to the joint committee chairmen, was done for maximization of the 56 revenue sources NPA has.
