…Says it remits N10 trillion to Federation Account in Sept 2024
…As NASS jerks up NPA 2025 revenue to N1.75 trillion
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Malam Mele Kyari, on Wednesday, claimed that the oil firm remained the only company in Nigeria that publishes 100% of its account on a yearly basis.
Kyari who stated this during the presentation of the revenue generation performance of NNPCL in 2024 and projection for 2025 to the National Assembly Joint Committee on Finance, said the company remitted N10 trillion to the federation account as of September 2024.
He added that NNPCL was the highest taxpayer in the country, the highest payer of royalty and dividends.
He, however, said that the company wanted a forensic audit to be conducted on money spent by it for stabilization of the price of Petrol from January to September 2024 and uninterrupted supply of the product.
“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 and is published on a yearly basis, making NNPCL, the only company in Nigeria noted for that and also the highest taxpayer in the country as well as the highest payer of royalty and dividends to shareholders as commercial national oil companies”, he said.
The Group Chief Executive, however, told the joint Committee that revenue projection for 2025, would be made after the meeting of the board of directors of the company in two weeks.
He said that the parameters for the 2025 budget were realistic and realistic.
In his own encounter with the joint Committee on Finance, the Managing Director of Nigeria Ports Authority (NPA), Dr Abubakar Dantsoho said NPA remitted N753 billion into a consolidated revenue fund and projected N997 billion for the 2025 fiscal year.
The Committee Chaired by Senator Sani Musa and Hon 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.
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