NNPCL Remitted ₦10 Trillion to Federation Account in 2024 – Kyari

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Malam Mele Kyari, has announced that the NNPCL remitted a staggering ₦10 trillion to the federation account in 2024. This makes the NNPCL the highest taxpayer in the country and the only company in Nigeria to publish 100% of its annual account statements.

Kyari made the disclosure on Wednesday during a presentation on the company’s 2024 revenue performance and its projections for 2025 to the National Assembly’s joint committee on Finance. He emphasized that the NNPCL, as mandated by the Petroleum Industry Act (PIA), served as the supplier of last resort for fuel supply until October 1, 2024.

“We need a forensic audit to ascertain the financial obligations of NNPCL and any money owed to other entities,” Kyari said. “Our transactional accounts are transparent, published annually, reinforcing our position as the top taxpayer and the highest contributor of royalties and dividends.”

Kyari further mentioned that NNPCL’s 2025 revenue projections would be finalized after the upcoming board of directors meeting in two weeks. He assured lawmakers that the budget targets for 2025 were both realistic and achievable.

In related news, the National Assembly has raised the projected revenue for the Nigerian Ports Authority (NPA) to ₦1.75 trillion, highlighting the need for increased revenue generation across key government agencies.

This announcement comes at a critical time as the NNPCL continues its commitment to stability in fuel supply and fiscal transparency, positioning itself as a major player in Nigeria’s economic landscape.