The Nigerian National Petroleum Company Limited (NNPCL) says it has remitted a total sum of N10 trillion to the Federation’s Account as of September 2024.

Group Chief Executive Officer of NNPCL, Mele Kyari made this known during a budget defense session before the Joint Committee of the Senate and House of Representatives.

Kyari explained that payments into the Consolidated Revenue Fund are no longer necessary due to existing laws governing NNPCL’s operations, adding that the company now operates under a different structure, with its contributions coming through dividends and taxes rather than direct remittances.

Meanwhile, the Managing Director of the Nigerian Ports Authority (NPA) has projected a revenue remittance of N997 billion to the Federation’s Account for 2025. 

But the Committee on its part, set a higher revenue generation target of N1.7 trillion for the agency, emphasizing the need for efficiency and maximized revenue generation to meet national economic goals.