NNPCL: We remitted N10trn into federation account

NNPCL remitted N10 The Nigerian National Petroleum Company Limited (NNPCL), on Wednesday, said it remitted N10 trillion into the Federation Account as of September 2024. Group Chief Executive Officer of the company, Mele Kyari, said this was alongside N3.5 trillion paid in dividends after taxes and revenue for the 2024 fiscal year. Kyari spoke during […]

NNPCL remitted N10

The Nigerian National Petroleum Company Limited (NNPCL), on Wednesday, said it remitted N10 trillion into the Federation Account as of September 2024.

Group Chief Executive Officer of the company, Mele Kyari, said this was alongside N3.5 trillion paid in dividends after taxes and revenue for the 2024 fiscal year.

Kyari spoke during a budget defense session before the Joint Finance Committee of the Senate and House of Representatives in Abuja.

Kyari said the NNPCL is the only company in Nigeria that publishes 100 percent of its accounts on a yearly basis.

He added that NNPCL is the highest tax payer in the country as well as highest payer of royalty and dividends.

Kyari called for a forensic audit to be conducted on money spent for the stabilisation of the price of petrol from January to September 2024.

“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 companies “, he said .

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

He said the parameters for the 2025 budget are realistic and realisable.

Kyari explained that payments into the Consolidated Revenue Fund are no longer necessary due to existing laws governing NNPCL’s operations.

He added that the company now operates under a different structure, with its contributions coming through dividends and taxes rather than direct remittances.

Addressing the NNPCL’s production dynamics, Kyari stated that the company no longer has full control over oil production in Nigeria.

Instead, he said its role is limited to joint venture arrangements, and it can only account for its own production contribution.

He noted that NNPCL achieved over 90% of its planned production target for 2024.

However, he acknowledged challenges in price adjustments for Premium Motor Spirit (PMS) and delays in remitting taxes and royalties.

“These delays were attributed to efforts to balance PMS price adjustments, which only took full effect on October 1, 2024,” Kyari said.

Meanwhile, the Managing Director of the Nigerian Ports Authority (NPA) projected a revenue remittance of N997 billion to the Federation Account for 2025.

Also, the Managing Director of Nigeria Port Authority ( NPA ) , Dr Abubakar Dantsoho, said NPA remitted N753 billion into the consolidated revenue fund and projected N997 billion for 2025 fiscal year .

The Committee Chaired by Senator Sani Musa and Hon James Faleke however , jacked up the projected revenue for 2025 from N997 Billion to N1.75trillion .

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