The Nigerian National Petroleum Company Limited (NNPCL) has set a new benchmark by remitting ₦10 trillion to the federation account in 2024, making it the highest taxpayer in the country.
This was disclosed by the Group Chief Executive Officer (GCEO), Malam Mele Kyari, during his presentation to the National Assembly’s joint committee on Finance, detailing the company’s revenue performance for 2024 and its projections for 2025.
Highlighting NNPCL’s commitment to transparency, Kyari noted that the company is the only one in Nigeria that publishes its complete account statements annually. He emphasized the importance of a forensic audit to review the expenditures on fuel price stabilization and uninterrupted petrol supply from January to September 2024, a period when NNPCL acted as the supplier of last resort as mandated by the Petroleum Industry Act (PIA).
“Until October 1, 2024, NNPCL, under the PIA, ensured consistent fuel supply as the supplier of last resort. A forensic audit is crucial to ascertain the financial commitments and obligations of NNPCL, ensuring clarity in our transactions, which are fully transparent and published annually,” Kyari explained.
Regarding the company’s outlook for 2025, Kyari assured that the revenue projections are both realistic and achievable. A definitive figure will be released following the board of directors meeting scheduled in two weeks.
In a related update, the National Assembly has raised the 2025 revenue target for the Nigerian Ports Authority (NPA) to ₦1.75 trillion, emphasizing the need for increased revenue generation from key government agencies to bolster national income.
