We remitted N10trn to federation account in 2025 – NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its position as the highest taxpayer in Nigeria, having remitted N10 trillion to the federation account.

The announcement was made by the Group Chief Executive Officer, Malam Mele Kyari, during a presentation on the company’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance on Wednesday.

Kyari highlighted that NNPCL remains the only company in Nigeria that publishes 100% of its account statements annually.

He also emphasized the need for a forensic audit of the funds expended on fuel price stabilization and the uninterrupted petrol supply from January to September 2024.

“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply. ”

“A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities.”

“Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends,” Kyari stated.

On the company’s 2025 revenue projections, Kyari disclosed that a final figure would be determined after an upcoming board of directors meeting in two weeks.

He assured lawmakers that the parameters for the 2025 budget were both realistic and achievable.

In a related development, the National Assembly has raised the 2025 revenue projection for the Nigerian Ports Authority to N1.75 trillion, reflecting the government’s push for increased revenue generation across critical agencies.