IBY
Peterside Rejoice Eneky
The Nigeria National Petroleum Company Limited (NNPCL) has reported contributing 10 trillion Naira in revenue to the federation account as of September 2024, with a post-tax dividend of 3.5 trillion Naira for the 2024 fiscal year.
Mele Kyari, Group Chief Executive Officer of NNPCL, revealed this during a budget defense session before the Joint Committee of the Senate and House of Representatives in Abuja on Wednesday.
Kyari explained that, due to existing laws, NNPCL is no longer required to make payments into the consolidated revenue account.
He further clarified that NNPC no longer holds full control over oil production in Nigeria, but only manages joint venture arrangements, and is responsible for accounting only for its own production.
Kyari also mentioned that NNPC had met more than 90 percent of its planned production for 2024.
Addressing the delayed price adjustments, Kyari noted that they could not be fully implemented until October 1st, and explained that the delay in remitting taxes and royalties was due to the need to balance PMS adjustments.
In a separate development, the Managing Director of the Nigeria Ports Authority (NPA) projected a revenue remittance of 997 billion Naira to the federal account for 2025.
However, the Senate has set a higher revenue target for the NPA at 1.7 trillion Naira.