Nigeria: We're the Only Company That Publishes 100 Percent Account Statement - NNPCL to Nass

15 January 2025
Vanguard (Lagos)
By Henry Umoru

Abuja — The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited ( NNPCL), Mele Kyari has disclosed that the firm remains the only company in Nigeria that publishes 100% of its account on a yearly basis.

According to Kyari, the company remitted N10 trillion to the federation account as at September, 2024.

Speaking Wednesday in Abuja during presentation of revenue generation performance of NNPCL in 2024 and projection for 2025 to the Senator Sani Musa, APC, Niger East led Joint National Assembly joint committee on Finance, Kyari who noted that NNPCL is the highest tax payer in the country and highest payer of royalty and dividend, said that the company want forensic audit to be conducted on money spent by it for stabilization of price of petrol from January to September 2024 and uninterrupted supply of the product .

The NNPCL boss said, "Until 1st October 2024 , NNPCL as mandated by the Petroleum Industry Act ( PIA) , acted as the supply of last resort on fuel supply which requires forensic audit to know how much NNPCL is being owed or owing any agency.

"Our transactional account is very transparent which is published on yearly basis , making NNPCL , the only company in Nigeria noted for that and also the highest tax payer in the country as well as highest payer of royalty and dividends to shareholders as a commercial national oil company."

Kyari who told the joint committee that revenue projection for 2025 will be made after the meeting of board of directors of the company in two weeks time, said that the parameters for the 2025 budget are realistic and realisable.

Also during his encounter with the joint committee on Finance the Managing Director of Nigeria Port Authority, NPA, Dr Abubakar Dantsoho said that NPA remitted N753billion into consolidated revenue fund and projected N997billion for 2025 fiscal year .

Happy with the development, the Committee Chaired by Senator Sani Musa and Hon James Faleke however, jerked up the projected revenue for 2025 from N997billion to N1.75trillion.

The increased revenue projection according to the joint committee chairmen, was done for maximization of the 56 revenue sources NPA has.

Read the original article on Vanguard.

Tagged:
Copyright © 2025 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.