The Nigerian National Petroleum Company Limited (NNPCL) has announced that it remitted N10 trillion to the federation account in 2024, solidifying its position as the highest taxpayer in the country. The company also retains the distinction of being the only Nigerian organization to publish 100% of its annual account statements.
Revenue Performance and Transparency
This disclosure was made by NNPCL’s Group Chief Executive Officer, Malam Mele Kyari, on Wednesday during a presentation on the company’s 2024 revenue performance and its 2025 projections to the National Assembly’s joint committee on Finance.
Kyari highlighted the company’s financial transparency, emphasizing that NNPCL’s annual account publications underscore its commitment to openness. “Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends,” he stated.
Call for Forensic Audit on Fuel Price Stabilization
Kyari also called for a forensic audit of the funds expended by NNPCL on fuel price stabilization and uninterrupted petrol supply between January and September 2024. He noted that until October 1, 2024, the NNPCL, as mandated by the Petroleum Industry Act (PIA), served as the supplier of last resort to ensure steady fuel availability.
“A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities,” Kyari said, stressing the importance of clarity in accounting for fuel price stabilization efforts during this period.
2025 Revenue Projections
Kyari revealed that NNPCL’s 2025 revenue projections would be finalized after the upcoming board of directors meeting, scheduled to take place in two weeks. He assured the National Assembly that the parameters for the 2025 budget were realistic and achievable, reflecting the company’s continued focus on efficiency and revenue growth.
National Assembly’s Focus on Revenue Generation
In a related move, the National Assembly increased the 2025 projected revenue target for the Nigerian Ports Authority (NPA) to N1.75 trillion. This adjustment underscores the legislative focus on enhancing revenue generation across key government agencies.
Commitment to National Development
NNPCL’s record-breaking remittance and commitment to financial transparency highlight its critical role in Nigeria’s economic stability and development. By ensuring transparency and accountability, the company sets a benchmark for other public and private sector organizations to follow.
The call for a forensic audit and the focus on realistic revenue projections reflect NNPCL’s readiness to address any outstanding financial obligations while maintaining its position as a cornerstone of the Nigerian economy.
