NNPCL Remits ₦10 Trillion in 2024, Maintains Top Taxpayer Status
The Nigerian National Petroleum Company Limited (NNPCL) has announced a record remittance of ₦10 trillion to the federation account for 2024, reaffirming its position as the highest taxpayer in Nigeria and the only company in the country to publish 100% of its annual account statements.
This was disclosed by the Group Chief Executive Officer (GCEO) of NNPCL, Malam Mele Kyari, during a presentation to the National Assembly’s joint committee on Finance. The session focused on NNPCL’s 2024 revenue performance and projections for 2025.
Highlighting the company’s financial transparency, Kyari emphasized the need for a forensic audit of the funds expended on fuel price stabilization and uninterrupted petrol supply between January and September 2024.
“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply,” Kyari explained. “A forensic audit is necessary to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, underscoring our position as the highest contributor of taxes, royalties, and dividends.”
Addressing NNPCL’s 2025 revenue outlook, Kyari informed the committee that specific projections would be finalized following the upcoming board of directors meeting in two weeks. He assured lawmakers that the budget parameters for 2025 were realistic and achievable.
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In a related update, the National Assembly has revised the 2025 projected revenue for the Nigerian Ports Authority (NPA) to ₦1.75 trillion, signaling a broader push for enhanced revenue generation across critical government agencies.
NNPCL’s milestone contribution reflects its pivotal role in Nigeria’s economic stability and reinforces its commitment to fiscal transparency and operational excellence.
