The Nigerian National Petroleum Company Limited has announced that it remitted N10 trillion to the Federation Account as of September 2024.

NNPCL Group Chief Executive Officer, Mele Kyari, revealed this during a budget defence session before the Joint Committee of the Senate and House of Representatives in Abuja on Wednesday.

He explained that the N10tn was in addition to N3.5tn in dividends after taxes and revenue for the 2024 fiscal year.

Kyari clarified that payments into the Consolidated Revenue Fund were no longer required due to the existing laws that govern NNPCL’s operations.

He further explained that the company now functions under a new structure, with its contributions coming in the form of dividends and taxes instead of direct remittances.

Discussing NNPCL’s production dynamics, Kyari mentioned that the company no longer has full control over oil production in Nigeria.

He stated, “Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act, acted as the supplier of last resort on fuel supply, which requires a forensic audit to know how much NNPCL is being owed or owing any agency.

“Our transactional account is very transparent and is published on a yearly basis, 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 highlighted that NNPCL reached over 90 per cent of its planned production target for 2024.

However, the NNPCL Group Chief Executive Officer also acknowledged challenges with price adjustments for Premium Motor Spirit and delays in the remittance of taxes and royalties.

He added, “These delays were attributed to efforts to balance PMS price adjustments, which only took full effect on October 1, 2024.”