The Nigerian National Petroleum Company Limited (NNPCL) has set a remarkable record as the country’s highest taxpayer, contributing a staggering N10 trillion to the federation account. It is also the only company in Nigeria that fully publishes its financial statements annually, ensuring transparency.
This was disclosed by the Group Chief Executive Officer of NNPCL, 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 the need for a forensic audit of the funds spent by NNPCL to stabilise fuel prices and ensure steady petrol supply between January and September 2024.
“Until October 1, 2024, NNPCL, as required by the Petroleum Industry Act (PIA), served as the supplier of last resort for fuel. A detailed audit will help clarify the financial commitments of NNPCL and any outstanding obligations. Our financial accounts are fully transparent and published every year, solidifying our position as the largest taxpayer and the leading contributor of royalties and dividends to the government,” Kyari stated.
On the company’s revenue outlook for 2025, Kyari said exact figures would be finalised after an upcoming board meeting in two weeks. He assured the committee that the budget parameters for 2025 were achievable and realistic.
In another development, the National Assembly raised the 2025 revenue projection for the Nigerian Ports Authority (NPA) to N1.75 trillion, highlighting the push for increased revenue generation across key government agencies.
NNPCL’s consistent performance and transparency continue to set a benchmark for other organisations in Nigeria, reinforcing its critical role in the nation’s economic stability.