KEY POINTS

• NNPCL prepares and releases all financial statements to the public 100% every year to cover the company’s annual financial year.
• The company paid the federation account of N10 trillion by the September of year 2024.
• The National Assembly also raised NPA’s projected revenue for the year 2025 to 1.75 trillion naira.

MELE KYARI, the GCEO of the Nigerian National Petroleum Company Limited (NNPCL) said that it is the only company in Nigeria that publishes all its financial statements 100% every year.

I am pleased to report that NNPCL has paid out N10 trillion to the federation account by September 2024, he said on Wednesday, during a National Assembly Joint Committee on Finance session in Abuja.

He said it contributes more taxes to the government; and royalties and dividends than any other company in the country.

Transparency and accountability in operations

Kyari explained that NNPCL operates with transparency, audits its accounts annually, and makes the report public each year.

“As for our transactional account, it is fully transparent and we are proud to note that NNPCL is the only company in Nigeria that has its accounts reported 100% on an annual basis,” Kyari said.

He also said that it was necessary to carry out a forensic audit to assess the funds used to stabilise petrol price and guarantee its supply from January to September 2024.

“Until October 1, 2024, which the Petroleum Industry Act provides, NNPCL was the processor as supplier of last resort for fuel supplies. Regarding this position, a forensic audit will help ascertain the financial effects, he said.

Revenues expected for the year 2025

Kyari revealed that the current projection of the revenue of NNPCL for next year, that is 2025 would be provided once the meeting is held in two weeks.

On this regard, he assured the public that the parameters set for the proposed 2025 budget are both reasonable and feasible.

During the same session, the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho disclosed that the agency has annually contributed N753 billion to the consolidated revenue fund in 2024 and expected to contribute N997 billion in 2025.

Blueprint of increase revenues goal

Subsequently, the National Assembly Joint Committee on Public Accounts headed by Senator Sani Musa and Hon. James Faleke adjusted the NPA’s forecast revenue for 2025 up by N999 billion, pegging it at N1.75 trillion.

The analysis of the 56 revenue-generating avenues and subaccounts of the NPA, focusing on the generative potential of the accounts, informed this adjustment.