Kyari Says NNPCL Remitted N10tn to FG, Calls for Forensic Audit of Fuel Subsidy Fund
- GCEO of NNPCL, Mallam Mele Kyari, has revealed that the company is the highest taxpayer in Nigeria, with N10 trillion remittance in 2024
- Kyari also called for an audit of the subsidy funds spent by the NNPCL between January and September
- Kyari said the NNPCL Board of Directors will meet in two weeks to finalise the details of the 2025 budget projections
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The Nigerian National Petroleum Company Limited (NNPCL) has revealed a remittance of N10 trillion to the federation account in 2024.
Mallam Mele Kyari, the company's Group Chief Executive Officer (GCEO), stated this while addressing the National Assembly Joint Committee on Finance.
Channels TV reports that during his presentation on the NNPCL 2024 revenue and fiscal performance, he told the committee that this remittance makes the company Nigeria’s highest taxpayer.
Source: Getty Images
Kyari calls for audit of subsidy funds
The NNPCL boss urged the committee to conduct an audit of the NNPCL accounts to see the funds spent on fuel price stabilisation and maintaining a steady supply of PMS from January to September 2024, during which the company was the supplier of last resort for the product.
He said;
“A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends.”
Kyari also stated before the committee that NNPCL should be commended as it is the only Nigerian company that publishes all of its financial statements annually.
Recall that the Dangote Petroleum Refinery started operations and supplied petroleum products in the last quarter of 2024, providing petroleum marketers with an alternative supply of the product. Many say this marked the beginning of true deregulation of the petroleum industry.
Since then, the NNPC has gotten two of its refineries to commence refining operations and supply of petroleum products to Nigerian marketers.
NNPCL 2025 projections
Speaking on the 2025 Projections, Mallam Kyari assured the committee that NNPCL management had laid out budget parameters that were both practical and attainable.
He assured the committee that the Board of Directors would meet in two weeks to finalise and present the 2025 revenue projections to the house.
NNPC unable to account for N514 bn in audit
In related news, an audit report from the Auditor-General of the Federation recently uncovered N514 billion unauthorised spending in NNPCL from the 2021 financial year.
These sums include several transactions done without approval in the 2021 financial year, including a massive deduction of over N83 billion from monies to be remitted to the federation account.
The biggest of the transactions was the irregular deductions from domestic crude sales at source, amounting to N343.64 billion.
In his report, the auditor recommended that GCEO Mele Kyari be summoned to explain the spending and face sanctions if he is unable to do so.
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Source: Legit.ng
