LAGOS JANUARY 16TH (NEWSRANGERS)-The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Malam Mele Kyari, said on Wednesday in Abuja that the company remitted N10 trillion to the federation account as of September 2024.
This was even as he declared that NNPCL remains the only company in Nigeria that publishes 100 per cent of its accounts on a yearly basis.
Kyari, who spoke during the presentation of the revenue generation performance of NNPCL in 2024 and projections for 2025 to the National Assembly Joint Committee on Finance, added that the company is the highest taxpayer, highest payer of royalties, and dividends in the country.
He, however, said that the company wants a forensic audit to be conducted on the money spent by it for the stabilisation of petrol prices from January to September 2024 and the uninterrupted supply of the product.
“Until 1st October 2024, NNPCL, as mandated by the Petroleum Industry Act, PIA, acted as the supplier of last resort on fuel supply, which requires a forensic audit to know how much NNPCL is being owed or owing any agency.
“Our transactional account is very transparent, which 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 royalties and dividends to shareholders as a commercial national oil company,” he said.
The NNPCL Group Chief Executive, however, told the joint committee that the revenue projection for 2025 would be made after the meeting of the board of directors of the company in two weeks’ time.
He said the parameters for the 2025 budget are realistic and achievable.
In his own encounter with the Joint Committee on Finance, the Managing Director of the Nigerian Ports Authority, NPA, Dr Abubakar Dantsoho, said NPA remitted N753 billion into the Consolidated Revenue Fund and projected N997 billion for the 2025 fiscal year.
The committee, chaired by Senator Sani Musa and Hon. James Faleke, however, raised the projected revenue for 2025 from N997 billion to N1.75 trillion.
The increased revenue projection, according to the joint committee chairmen, was done to maximise the 56 revenue sources NPA has.
DailyPost
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