The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, says that the NNPCL remitted N10 trillion to the Federation Account of the Nigerian Government as of September 2024.
Speaking during the 2025 budget defence session before the Joint Committee of the Senate and House of Representatives in Abuja on Wednesday, Kyari said that N10tn was in addition to N3.5tn in dividends after taxes and revenue for the 2024 fiscal year.
Kyari explained that payments into the Consolidated Revenue Fund were no longer required due to the existing laws that govern NNPCL’s operations.
According to him, the company now functions under a new structure, with its contributions coming in the form of dividends and taxes instead of direct remittances.
Speaking on NNPCL’s production dynamics, Kyari stated that the company has lost its full control of crude oil production in Nigeria.
“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Law, 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.
“Our transactional account is very transparent and 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 royalty and dividends to shareholders as a commercial national oil company,” he said.
Kyari disclosed that the NNPCL reached over 90 per cent of its planned crude oil production target for 2024.
GIK/APA