The Nigerian National Petroleum Company Limited (NNPCL) announced on Wednesday that it had remitted ₦10 trillion to the Federation Account as of September 2024. Additionally, the company paid ₦3.5 trillion in dividends after taxes and revenue for the 2024 fiscal year,Daily Trust reports.
Group Chief Executive Officer Mele Kyari made these disclosures during a budget defense session before the Joint Finance Committee of the Senate and House of Representatives in Abuja.
Kyari emphasized that NNPCL remains the only company in Nigeria that publishes 100% of its accounts annually. He highlighted the company’s status as the country’s highest taxpayer, as well as the leading payer of royalties and dividends.
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He called for a forensic audit to assess funds expended on stabilizing petrol prices from January to September 2024, stating:
“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel. A forensic audit is needed to determine how much NNPCL is owed or owes any agency. Our transactional accounts are fully transparent and published annually, reinforcing our position as the highest taxpayer and largest payer of royalties and dividends in Nigeria.”
Kyari also informed the committee that the company’s revenue projection for 2025 would be finalized after a board meeting in two weeks. He noted that the parameters for the 2025 budget were both realistic and achievable.
Addressing structural changes, Kyari explained that due to the laws governing NNPCL’s operations, payments into the Consolidated Revenue Fund are no longer necessary. Instead, the company contributes to the Federation Account through taxes and dividends.
Regarding oil production, Kyari clarified that NNPCL no longer has full control over Nigeria’s oil production, operating instead through joint venture arrangements. The company achieved over 90% of its planned production target for 2024, despite challenges in adjusting the price of Premium Motor Spirit (PMS) and delays in tax and royalty remittances. These delays, he said, were linked to balancing PMS price adjustments, which fully took effect on October 1, 2024.
NPA Revenue Projections
In a related development, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, revealed that the NPA remitted ₦753 billion into the Consolidated Revenue Fund for 2024 and projected ₦997 billion for the 2025 fiscal year.
However, the Joint Committee, co-chaired by Senator Sani Musa and Hon. James Faleke, raised the NPA’s 2025 revenue projection from ₦997 billion to ₦1.75 trillion. This adjustment, the chairmen explained, was aimed at maximizing revenue from the NPA’s 56 identified income sources.
