Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri speaks during a media briefing to announce the 1.8mbopd crude oil production milestone at the NNPC Towers in Abuja, on Thursday. The Minister is flanked to his right by the Chairman, NNPC Board, Chief Pius Akinyelure and to his left, by the GCEO NNPC Ltd, Mr. Mele Kyari.
The Group managing Director of Nigerian National Petroleum Company Limited (NNPCL), Dr. Mele Kyari has revealed that the company’s revenue projections of 2025 will be clearer after the company’s Board of Directors meets in two weeks. He assured lawmakers that the parameters for the 2025 budget were realistic and achievable, given the company’s restructured operational framework.
Addressing members of House of Representatives earlier this week, Kyari averred that “Under existing laws, NNPCL now channels its contributions through dividends and taxes rather than direct payments into the Consolidated Revenue Fund. This shift aligns with its new operational structure as outlined in the PIA.
According to him, NNPCL achieved over 90 percent of its production target for 2024 but acknowledged challenges in price adjustments for Premium Motor Spirit (PMS). He attributed delays in tax and
Also present at the session was Dr. Abubakar Dantsoho, Managing Director of the Nigerian Ports Authority (NPA), who revealed that NPA had remitted N753 billion to the Federation Account for 2024. For 2025, NPA initially projected revenue remittance of N997 billion. However, the Joint Committee, chaired by Senator Sani Musa and Hon. James Faleke, raised the projection to N1.75 trillion, citing the need to maximize revenue from the agency’s 56 sources.
