By Mercy Adi
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, revealed that the company remitted a whopping N10 trillion into the federation account in September 2024 This disclosure was made during a presentation to the National Assembly joint committee on finance, where Kyari highlighted NNPCL’s revenue generation performance in 2024 and projections for 2025.
Kyari emphasized that NNPCL is the only company in Nigeria that publishes 100% of its account statements annually, showcasing its commitment to transparency. He also noted that NNPCL remains the highest taxpayer, royalty payer, and dividend contributor in the country
The NNPCL boss requested a forensic audit to determine the financial obligations related to the company’s fuel price stabilization efforts and uninterrupted supply from January to September 2024 “Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act, PIA, acted as the supplier of last resort on fuel supply, which required forensic audit to know how much NNPCL was being owed or owing any agency,” Kyari explained.
Regarding the 2025 revenue projections, Kyari stated that the parameters for the budget are realistic and achievable, with a definitive figure to be announced after the board of directors’ meeting in two weeks.
In a related development, the Managing Director of the Nigerian Port Authority (NPA), Dr. Abubakar Dantsoho, reported that NPA remitted N753 billion into the consolidated revenue fund in 2024 and initially projected N997 billion for 2025. However, the joint committee, chaired by Senator Sani Musa and James Faleke, increased the projected revenue from 2025 to N1.75 trillion, aiming to maximize the 56 revenue sources available to NPA.