- NNPCL remitted N10 trillion to the Federation Account as of September 2024, maintaining its position as Nigeria’s largest taxpayer.
- NNPCL’s GCEO, Malam Mele Kyari, calls for a forensic audit of funds spent on petrol price stabilisation in 2024.
The Nigerian National Petroleum Company Limited (NNPCL) has declared itself as the only company in Nigeria that publishes 100% of its financial accounts annually. This bold statement was made by the company’s Group Chief Executive Officer (GCEO), Malam Mele Kyari, during his presentation on the company’s 2024 revenue performance and 2025 projections to the National Assembly Joint Committee on Finance.
Kyari emphasised that the NNPCL had remitted a record N10 trillion to the Federation Account as of September 2024, reinforcing the company’s role as Nigeria’s largest taxpayer, royalty payer, and dividend contributor. He proudly noted that the company’s transactional accounts are fully transparent and published yearly, setting NNPCL apart from other entities in the sector.
“We remain the highest tax contributor to the Federation Account,” Kyari stated, emphasising the company’s dedication to maintaining this leading position as a commercial national oil company. He assured the committee that NNPCL would continue its efforts to foster transparency and accountability in its operations.
In addition to addressing the company’s financial performance, Kyari called for a forensic audit of the funds spent by NNPCL on petrol price stabilisation and ensuring an uninterrupted fuel supply from January to September 2024. He explained that, under the Petroleum Industry Act (PIA), NNPCL acted as the “supplier of last resort” for fuel during this period, and the forensic audit would clarify any outstanding amounts owed or due to the company. This call for an audit highlights the growing demand for increased scrutiny of the financial activities of Nigeria’s key national corporations.
Looking ahead, Kyari shared that NNPCL’s 2025 revenue projections would be finalised two weeks after the board of directors meets. He assured the National Assembly committee that the revenue projections for the upcoming year were based on realistic and achievable parameters, reinforcing NNPCL’s confidence in its financial outlook.
In a separate presentation, the Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, revealed that the agency had remitted N753 billion to the Consolidated Revenue Fund (CRF) in 2024, with a projected remittance of N997 billion for 2025. However, the Joint Committee on Finance, chaired by Senator Sani Musa and Hon. James Faleke, increased NPA’s 2025 revenue projection to N1.75 trillion, citing the potential to maximise the agency’s 56 revenue streams.
This session underscores the increasing scrutiny of Nigeria’s revenue-generating agencies as the government seeks to optimise income amid ongoing economic challenges.