NNPCL Remitted N10trn Into Federation Account In Sept 2024

The Nigerian National Petroleum Company Limited (NNPCL) said on Wednesday that it remitted N10tn into the federation account as of September 2024.

The disclosure was made by the company’s Group Managing Director, Mallam Mele Kyari while presenting the company’s revenue generation performance to a joint Finance Committee of the Senate and the House of Representatives.

Kyari also told the lawmakers that the NNPCL is the only company in Nigeria that publishes 100 per cent of its account yearly, adding that the company is also the highest tax and dividend payer in the country.

The oil giant called for a forensic audit to be conducted on money spent by it for the stabilisation of petrol prices from January to September 2024.

Kyari said, “Until 1st October 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort, which required a forensic audit to know how much NNPCL is being owed or owing any agency.

“Our transactional account is very transparent, which is published every year, 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 royalty and dividends to shareholders as a commercial national oil company.”

The NNPCL Group Chief Executive, however, told the joint committee that the company’s revenue projection for 2025 will be disclosed after the meeting of the board of directors of the company in two weeks.

According to him, the oil price template of $74 was realistic and realisable.

Also at the session was the Nigerian Ports Authority (NPA) management team, led by the Managing Director, Abubakar Dantsoho, who said the NPA remitted N753bn into the consolidated revenue fund while projecting N997bn for the 2025 fiscal year.

The chairman of the Senate Finance Committee, Sani Musa, and his House counterpart, Rep. James Faleke, however, jerked the NPA’s projected revenue for 2025 from N997bn to N1.75tn.

NNPCL Remitted N10trn Into Federation Account In Sept 2024 is first published on The Whistler Newspaper