- Says it’s the only company that publishes 100% account statement
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, told the National Assembly on Wednesday that the company remitted N10 trillion into the federation account in September 2024.
He also disclosed that the firm remained the only company in Nigeria that publishes 100% of its account every year.
Speaking during the presentation of the revenue generation performance of NNPCL in 2024 and projection for 2025 to the National Assembly joint committee on finance, led by Senator Sani Musa, Niger East, in Abuja, Kyari said NNPCL remained the highest taxpayer, the highest payer of royalty and dividend in the country.
He said the company want a forensic audit to be conducted on money spent by it for the stabilization of price of petrol from January to September 2024 and the uninterrupted supply of the product.
The NNPCL boss said: “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.
“Our transactional account is very transparent, which is published every year, making NNPCL the only company in Nigeria noted for that and also the highest taxpayer in the country as well as highest payer of royalty and dividends to shareholders as a commercial national oil companies,’’ he said.
Kyari, who told the joint committee that revenue projection for 2025 would be made after a meeting of board of directors of the company in two weeks, said the parameters for the 2025 budget were realistic and realisable.
Also during his encounter yesterday with the joint committee on finance, the Managing Director of Nigeria Port Authority, NPA, Dr Abubakar Dantsoho, said NPA remitted N753billion into the consolidated revenue fund and projected N997billion for the 2025 fiscal year .
Happy with the development, the committee, chaired by Senator Sani Musa and James Faleke, however, jerked up the projected revenue for 2025 from N997 billion to N1.75 trillion.
The increased revenue projection, according to the joint committee chairmen, was done for maximization of the 56 revenue sources NPA has.
Discussion about this post