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NNPCL Remits N10trn By Sept 2024- Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Malam Mele Kyari, revealed in Abuja on Wednesday that the company had remitted N10 trillion to the federation account as of September 2024.

Speaking during a presentation to the National Assembly Joint Committee on Finance on NNPCL’s 2024 revenue performance and 2025 projections, Kyari highlighted that the company is Nigeria’s highest taxpayer, as well as the largest payer of royalties and dividends.

He also emphasized that NNPCL remains the only company in Nigeria to publish 100% of its accounts annually. However, he called for a forensic audit of the funds spent on stabilizing petrol prices and ensuring uninterrupted supply between January and September 2024.

“Until 1st October 2024, NNPCL, as mandated by the Petroleum Industry Act, PIA, acted as the supplier of last resort on fuel supply, which requires a forensic audit to know how much NNPCL is being owed or owing any agency.

“Our transactional account is very transparent, which is published on a yearly basis, making NNPCL the only company in Nigeria noted for that, and also the highest taxpayer in the country as well as the highest payer of royalties and dividends to shareholders as a commercial national oil company,” he said.

The NNPCL Group Chief Executive informed the joint committee that the revenue projection for 2025 would be determined after the company’s board of directors meets in two weeks.

He assured that the parameters for the 2025 budget are both realistic and achievable.

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