₦airaland Forum

The Nigerian National Petroleum Company Limited has remitted N10 trillion to the federation account, making it the highest taxpayer in the country and the only company in Nigeria that publishes 100% of its account statements annually.

This is according to the Group Chief Executive Officer, Malam Mele Kyari, who stated this on Wednesday during a presentation on NNPCL’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance.

The NNPCL boss also called for a forensic audit of the funds spent by NNPCL on fuel price stabilization and ensuring uninterrupted petrol supply between January and September 2024.

“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply.

“A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends”, he said.

Regarding the company’s 2025 revenue projections, Kyari indicated that a definitive figure would be provided after the upcoming board of directors meeting in two weeks.

He assured the committee that the parameters for the 2025 budget were both realistic and achievable.

In a related development, the National Assembly raised the 2025 projected revenue for the Nigerian Ports Authority to N1.75 trillion, underscoring the need for increased revenue generation across key government agencies.

treesun:
Nlfpmod, N10 trillion remitted and we are still borrowing!

givedemwotowoto:
The one not remitted

SmartPolician:
NNPC should stop reporting its lodgements and revenue in naira. When they mention worthless naira, it looks as if it's a lot of money. For crying out loud, NNPC sells crude oil in USD to overseas buyers.

Biodun556:
First in how many years?

Under Buhari, NNPCL did not remit shishi into federal account

Freetech:
Bad news merchants and Obi their president is struggling for attention these day

I just dey pity them

In one year more than what PDP remitted for 16years

Truly Tinubu a visionary leader not their mate.

SeverusSnape:
Remitted to be looted.

temitope27:
TINUBU is working, are you blind to see?

nairalanda1:
Because 80% of our revenue comes from oil and oil revenue is not enough because it only provides at best 66 trillion naira annually and we have a massive debt burden to boot.

Also, oil prices have to be consistently above 130 dollars per barrel before we can have a balanced budget. That has not happened


That is why we have to improve revenue from tax and long term become dependent on an economy that exports manufactured goods and services made here.

Field ruwe was right

SmartPolician:
NNPC should stop reporting its lodgements and revenue in naira. When they mention worthless naira, it looks as if it's a lot of money. For crying out loud, NNPC sells crude oil in USD to overseas buyers.

Yankee101:
What did Tinubu do with it? Besides we have VAT, NLNG, Company taxes, individual taxes, WHT, remittance fees and CBN surpluses

A very big source of income too is the taxes paid by social media to Nigeria. All the creators and adverts generate income in USD

atiku4President:
And how was it utilised? Shared by a few or used for the common good of the citizens? This, we also need to know.