NNPCL transperent with its finances, Kyari tells NASS

…says revenue projection will be released after meeting with board of directors

…says it remits N10trillion into Federation Account in Sept 2024

…hikes NPA 2025 projected revenue from N997billion to N1.75trillion

The Nigerian National Petroleum Company Limited (NNPCL) has been transparent with its operational account, the Group Chief Executive Officer ( GCEO) , Malam Mele Kyari has said.

He also boasted that it is the highest tax and royalty payer in the country.

Kyari said this on Wednesday while speaking at the presentation of revenue generation performance of NNPCL in 2024 and projection for 2025 to the National Assembly joint committee on Finance.

He stated, “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 share holders as a commercial national oil companies.”

Kyari added that the company publishes 100% of its account on a yearly basis, but added that the company wants a forensic audit to be conducted on money it spent on stabilisation of petrol price and uninterrupted supply of the product from January to September 2024.

He explained, “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.”

On revenue projection for 2025 , the NNNPL boss told the joint committee that it will be determined after a meeting of board of directors of the company in two weeks time.

However, he assured that the parameters for the 2025 budget are realistic and realisable.

Meanwhile, the Joint Finance Committees of the Senate and House of Representatives raised the Internally Generated Revenue target of the Nigeria Port Authority (NPA ) from N753billion to N1.75trillion.

The lawmakers said the increment was feasible from the agency’s 56 revenue sources.

Daily Sun