The Nigerian National Petroleum Company (NNPCL), has revealed that N10 trillion was remitted to the Federation Account in 2024, which made it the highest taxpayer in Nigeria and the only company in Nigeria with 100% of its financial statements published annually.
This was stated by Mallam Mele Kyari, Group CEO, during a presentation to the Joint Committee on Finance of the National Assembly on Wednesday on NNPCL’s 2024 revenue results and 2025 projections.
The NNPCL boss also said that from January to September 2024, He called for a forensic audit of the funds spent by NNPCL to stabilize fuel prices and ensure uninterrupted gasoline supply.
The NNPCL has served as the last bastion of fuel supply in accordance with the Petroleum Industry Act (PIA) until October 1, 2024,” the report said.
A forensic audit is required to determine the financial obligations of NNPCL and the entities owed to it. “NNPCL’s transaction accounts are transparent and are published annually, confirming that NNPCL is the largest taxpayer and the largest contributor of royalties and dividends.”
Regarding the company’s revenue projections for 2025, Kyari said a definitive figure would be given after the board meeting scheduled for two weeks from now. He also stated that the 2025 budget is realistic and achievable.