By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPCL) has remitted ₦10 trillion to the federation account, reinforcing its position as the nation’s highest taxpayer and the sole Nigerian company to publish 100% of its financial statements annually.
This was disclosed by the Group Chief Executive Officer, Malam Mele Kyari, on Wednesday during a presentation on NNPCL’s 2024 revenue performance and 2025 projections to the National Assembly’s Joint Committee on Finance.
Call for Forensic Audit
Kyari emphasized the need for a forensic audit to account for funds spent by NNPCL on fuel price stabilization and uninterrupted petrol supply between January and September 2024.
“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply,” Kyari stated.
He further noted, “A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends.”
Revenue Projections for 2025
While discussing the company’s 2025 revenue projections, Kyari indicated that a final figure would be provided following an upcoming meeting of the NNPCL board of directors in two weeks. He assured the committee that the parameters for the 2025 budget were realistic and achievable.
Increased Revenue Targets
In a related development, the National Assembly announced a revised revenue target for the Nigerian Ports Authority (NPA), raising its 2025 projection to ₦1.75 trillion. This move highlights the government’s focus on boosting revenue generation across critical agencies.
The presentation underscores NNPCL’s pivotal role in Nigeria’s economy, as it continues to set benchmarks in transparency and fiscal responsibility while addressing national energy needs.
