The Nigerian National Petroleum Company Limited (NNPCL) has called for a forensic audit to assess the funds it expended on stabilising C from January to September 2024.
Mele Kyari, the Group Chief Executive of NNPC, further revealed that the Company’s revenue projections for 2025 will be unveiled after the upcoming meeting of the board of directors, set to occur in two weeks.
While presenting the company’s revenue generation performance to a joint Finance Committee comprising the Senate and the House of Representatives on Wednesday, Kyari said, “Until 1st October 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort, which required a forensic audit to know how much NNPCL is being owed or owing any Agency.”
“Our transactional account is very transparent, which is published every year, 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,” Kyari added.
He noted that by September 2024, NNPC had remitted a staggering N10 trillion into the federation account, making it the only company in Nigeria to publish its accounts in full annually. Kyari also emphasized that NNPC is the country’s highest taxpayer and the top payer of royalties and dividends.
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According to him, the $74 oil price template is both realistic and achievable.
PulseNets learnt that this transparency effort underlines NNPCL’s commitment to financial openness and fiscal responsibility.
