NNPC announces remittance of N10tr in latest attempt at transparency
By Jeph Ajobaju, Chief Copy Editor
Mele Kyari has announced that the Nigerian National Petroleum Company Limited (NNPC) remitted N10 trillion to the Federation Account as of September 2024, ostensibly in a push back against allegations of corruption and a lack of transparency.
The NNPC Group Chief Executive Officer declared that the company is the only one in Nigeria that publishes 100 per cent of its accounts yearly.
Kyari spoke at the presentation of the revenue generation performance of the NNPC in 2024 and projections for 2025 to the National Assembly (NASS) Joint Committee on Finance, adding that the company is the country’s highest taxpayer as well as highest payer of royalties and dividends.
He disclosed that the NNPC wants a forensic audit of the money it spent to stabilise fuel prices from January to September 2024 and to ensure uninterrupted supply of the product.
“Until 1st October 2024, NNPCL, as mandated by the Petroleum Industry Act, PIA, acted as the supplier of last resort on fuel supply, which requires a forensic audit to know how much NNPCL is being owed or owing any agency,” he said.
“Our transactional account is very transparent, which is published on a yearly basis, making NNPCL the only company in Nigeria noted for that, and also the highest taxpayer in the country as well as the highest payer of royalties and dividends to shareholders as a commercial national oil company.”
Kyari explained to the joint committee that revenue projection for 2025 would be made after the meeting of NNPC board of directors in two weeks’ time.
He said the parameters for the 2025 budget are realistic and achievable.
In his own appearance before the joint committee, Nigerian Ports Authority (NPA) Managing Director Abubakar Dantsoho said NPA remitted N753 billion to the Consolidated Revenue Fund and projected N997 billion for the 2025 fiscal year.
But the committee, chaired by Senator Sani Musa and Rep James Faleke, raised the projected revenue for 2025 from N997 billion to N1.75 trillion.
The joint committee chairmen explained that it was increase in order to maximise the 56 sources of revenue for NPA.
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