The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, disclosed that the company remitted a staggering N10 trillion into the Federation Account in September 2024. This remarkable contribution reaffirms NNPCL’s position as the largest taxpayer, royalty, and dividend payer in Nigeria.
Kyari made this announcement during a presentation to the National Assembly’s Joint Committee on Finance, led by Senator Sani Musa of Niger East, in Abuja. He revealed that NNPCL is the only company in Nigeria that fully publishes 100% of its financial accounts each year, showcasing the company’s commitment to transparency.
The NNPCL boss further emphasized the company’s pivotal role as the “supplier of last resort” for fuel until October 1, 2024, as mandated by the Petroleum Industry Act (PIA). He called for a forensic audit to scrutinize the financial details of the company’s efforts to stabilize petrol prices and ensure an uninterrupted supply of the product from January to September 2024. This audit, according to Kyari, would help determine outstanding payments and liabilities related to fuel supply operations.
Kyari also noted that the revenue projections for 2025 would be finalized following an upcoming meeting of NNPCL’s board of directors in two weeks. He assured that the parameters for the 2025 budget are both realistic and achievable.
In a related development, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, reported that the NPA had remitted N753 billion into the consolidated revenue fund for 2024, with a projection of N997 billion for the 2025 fiscal year. However, the Joint Committee on Finance, pleased with the NPA’s performance, raised the revenue projection to N1.75 trillion, aiming to optimize the 56 revenue sources available to the agency.
This increase in projected revenue reflects the committee’s ambition to maximize the potential of Nigeria’s vital revenue-generating sectors.
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