The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it has remitted N10 trillion to the Federation Account as of September 2024.
Its Group Chief Executive Officer, Mele Kyari, disclosed this Wednesday during a budget defence session before the Joint Finance Committee of the Senate and House of Representatives in Abuja.
He informed the joint committee that revenue projection for 2025 will be made after the meeting of the board of directors of the company in two weeks’ time.
He added that NNPCL is the highest tax payer in the country, highest payer of royalty and dividends.
Kyari stressed that the NNPCL is the only company in Nigeria that publishes 100 per cent of its accounts on a yearly basis.
He also called for a forensic audit to be conducted on money they spent for the stabilization of the price of Petrol from January to September 2024.
Kyari stated: “Until 1st October, 2024, NNPCL as mandated by the Petroleum Industry Act (PIA), acted as the supply of last resort on fuel supply which requires forensic audit to know how much NNPCL is being owed or owing any agency .
“Our transactional account is very transparent which is published on yearly basis , making NNPCL, the only company in Nigeria noted for that and also the highest tax payer in the country as well as highest payer of royalty and dividends to shareholders as a commercial national oil company.”
Kyari explained that payments into the Consolidated Revenue Fund are no longer necessary due to existing laws governing NNPCL’s operations.
He added that the company now operates under a different structure, with its contributions coming through dividends and taxes rather than direct remittances.
Kyari, however, noted that NNPCL no longer has full control over oil production in Nigeria.
He acknowledged challenges in price adjustments for Premium Motor Spirit (PMS) and delays in remitting taxes and royalties.
These delays, Kyari said, were attributed to efforts to balance PMS price adjustments, which only took full effect on October 1, 2024, Kyari said.
On his part, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho revealed that NPA remitted N753 billion into the consolidated revenue fund and also projected N997 billion for 2025 fiscal year .
The Committee Chaired by Senator Sani Musa and Hon James Faleke however , jacked 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 of the NPA.