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NNPCL Sets Record with ₦10 Trillion Remittance to Federation Account in 2024

Published by Tope Fakinlede on January 16th, 2025.

NNPCL Sets Record with ₦10 Trillion Remittance to Federation Account in 2024

The Nigerian National Petroleum Company Limited (NNPCL) has transferred ₦10 trillion to the federation account in 2024, solidifying its position as the nation’s largest taxpayer and the only Nigerian company that releases its full financial records annually.

This information was shared by Malam Mele Kyari, the Group Chief Executive Officer of NNPCL, during his presentation on the company’s 2024 revenue outcomes and 2025 outlook to the National Assembly’s joint committee on Finance.

Kyari also emphasized the need for a thorough audit of NNPCL’s spending on fuel price stabilization and uninterrupted petrol supply from January to September 2024.

“Up until October 1, 2024, NNPCL fulfilled its role as the supplier of last resort for fuel as outlined by the Petroleum Industry Act (PIA),” he explained. “A forensic audit is crucial to assess the financial responsibilities of NNPCL and any outstanding obligations. Our financial records are fully transparent and made public annually, highlighting our position as the largest contributor of royalties and dividends.”

As for the company’s 2025 revenue projections, Kyari noted that a specific figure would be determined following the upcoming board meeting in two weeks. He reassured the committee that the proposed budget targets for 2025 were both practical and achievable.

In a related matter, the National Assembly has revised the Nigerian Ports Authority’s projected 2025 revenue to ₦1.75 trillion, emphasizing the importance of boosting revenue generation within key government agencies.