
The Nigerian National Petroleum Company Limited (NNPCL) has claimed that it remitted a whopping N10 trillion to the Federation Account as of the third quarter of 2024.
This is upon maintaining debt servicing understandings and prevailing oil-tradeoff deals before the incoming of present administration.
This was revealed on Wednesday by Dr. Mele Kyari, the Group Managing Director of NNPCL, during a budget defense session before the Joint Senate and House of Representatives Committee on Finance in Abuja.
According to Dr. Kyari, this figure includes N3.5 trillion in dividends after taxes and revenue generated for the 2024 fiscal year. He highlighted NNPCL’s role as the country’s highest taxpayer and its commitment to transparency, emphasizing that the company is the only one in Nigeria that publishes 100 percent of its accounts annually.
Dr. Kyari explained that NNPCL acted as the supplier of last resort for fuel stabilization until October 1, 2024, as mandated by the Petroleum Industry Act (PIA). To ensure accountability, he called for a forensic audit to determine how much the company spent and whether it owes or is owed by any agency.
“Our accounts are fully transparent and published yearly,” Kyari noted. “This positions NNPCL not only as Nigeria’s highest taxpayer but also as the largest contributor of royalties and dividends to shareholders among commercial national oil companies.”