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By Oluwakemi Kindness
The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday revealed that it remitted N10 trillion to the Federation Account as of September 2024.
The Group Chief Executive Officer of NNPCL, Mele Kyari, who stated this, said this is alongside N3.5 trillion in dividends after taxes and revenue for the 2024 fiscal year.
Kyari made the disclosure during a budget defense session before the Joint Finance Committee of the Senate and House of Representatives in Abuja on Wednesday.
Kyari said the NNPCL is the only company in Nigeria that publishes 100 percent of its accounts on a yearly basis.
He added that NNPCL is the highest tax payer in the country, highest payer of royalty and dividends.
Kyari called for a forensic audit to be conducted on money they spent for the stabilization of the price of Petrol from January to September 2024.
“Until 1st October 2024 , NNPCL as mandated by the Petroleum Industry Act ( PIA) , acted as the supply of last resort on fuel supply which requires forensic audit to know how much NNPCL is being owed or owing any agency .
” Our transactional account is very transparent which is published on yearly basis , making NNPCL , the only company in Nigeria noted for that and also the highest tax payer in the country as well as highest payer of royalty and dividends to shareholders as a commercial national oil companies “, he said .
The NNNPL Group Chief Executive, however, told the joint committee that revenue projection for 2025 will be made after the meeting of the board of directors of the company in two weeks’ time.
He said the parameters for the 2025 budget are realistic and realisable.
Kyari explained that payments into the Consolidated Revenue Fund are no longer necessary due to existing laws governing NNPCL’s operations.
He added that the company now operates under a different structure, with its contributions coming through dividends and taxes rather than direct remittances.
Addressing the NNPCL’s production dynamics, Kyari stated that the company no longer has full control over oil production in Nigeria.
Instead, its role is limited to joint venture arrangements, and it can only account for its own production contributions, he said.
He noted that NNPCL achieved over 90% of its planned production target for 2024.
However, he acknowledged challenges in price adjustments for Premium Motor Spirit (PMS) and delays in remitting taxes and royalties.
These delays were attributed to efforts to balance PMS price adjustments, which only took full effect on October 1, 2024, Kyari said.
END
Written by: Democracy Radio
#House of Reps #Mele Kyari #NNPCL
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