The NNPCL boss stressed the need for a forensic audit regarding funds allocated for fuel price stabilization.
Group Chief Executive Officer Malam Mele Kyari made this statement on Wednesday during a presentation on NNPCL’s 2024 revenue and 2025 projections to the National Assembly’s Finance joint committee.
This audit aims to ensure accountability and transparency in financial dealings, particularly during the challenging economic climate.
The Nigerian National Petroleum Company Limited (NNPCL) significantly boosted the federation account by remitting ₦10 trillion, becoming Nigeria’s highest taxpayer.
NNPCL distinguishes itself as the only company in the country that publishes all its account statements annually.
This practice demonstrates NNPCL’s strong commitment to transparency and accountability in its financial operations and reporting.
During a presentation to the National Assembly’s Finance joint committee, CEO Malam Mele Kyari discussed NNPCL’s 2024 revenue performance.
He also highlighted projections for 2025, outlining the company’s financial expectations and strategic goals for the upcoming year.
He highlighted the importance of clear financial reporting and the company’s role in stabilizing fuel prices.
Kyari reiterated that until October 1, 2024, NNPCL would continue acting as the supplier of last resort for fuel under the Petroleum Industry Act (PIA).
This role is crucial for maintaining an uninterrupted petrol supply between January and September 2024.
He stated, “A forensic audit is essential to clarify NNPCL’s financial obligations and any debts owed to entities.”
NNPCL’s transparent transactional accounts strengthen its position as a top taxpayer and the leading contributor of royalties and dividends in Nigeria.
Regarding 2025 revenue projections, Kyari noted that a specific figure would be revealed after the upcoming board meeting.
He emphasized that the board of directors would convene in two weeks to finalize these important projections.
He assured the committee that the parameters established for the 2025 budget are realistic and achievable through careful planning.
This realistic approach reflects prudent financial management, showcasing a commitment to sound fiscal policies and responsible budgeting practices.
In a related development, the National Assembly has raised the Nigerian Ports Authority’s 2025 projected revenue to ₦1.75 trillion.
This decision aims to support the NPA in enhancing port efficiency and facilitating economic growth across the nation.
This change highlights the critical necessity for improved revenue generation in key government agencies to foster national development.