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NNPCL Declares N10trn Remittance, N3.5trn Dividends for 2024
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By Gloria Ikibah
The Nigerian National Petroleum Company Limited (NNPCL) has announced a total remittance of N10 trillion to the Federation Account by September 2024, alongside N3.5 trillion in dividends after taxes for the 2024 fiscal year.
The Group Chief Executive Officer, Mele Kyari, disclosed this during a budget defense session before the Joint Finance Committee of the Senate and House of Representatives in Abuja on Wednesday.
Kyari emphasised the transparency of NNPCL, that it is the only organization in Nigeria that publishes 100 percent of its financial accounts annually, and highlighted the its role as the Nigeria’s highest taxpayer and its significant contributions through royalties and dividends.
He also called for a forensic audit to evaluate funds spent on stabilizing petrol prices from January to September 2024. He noted that, until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel.
“Our transactional accounts are fully transparent and published annually. NNPCL remains the highest taxpayer, royalty payer, and dividend contributor in the country,” Kyari stated.
On revenue projections for 2025, Kyari revealed that final figures would be determined after an upcoming board of directors’ meeting. He assured the committee that the company’s parameters for the 2025 budget are realistic.
He explained that NNPCL no longer makes direct payments into the Consolidated Revenue Fund due to its restructured operational framework under the PIA. Instead, its contributions now come through dividends and taxes.
Addressing production dynamics, Kyari explained that NNPCL operates within joint venture arrangements and can only account for its share of production. He reported that the company achieved over 90% of its 2024 production targets despite challenges related to Premium Motor Spirit (PMS) pricing and delayed tax and royalty remittances.
Meanwhile, the Nigerian Ports Authority (NPA) revealed a remittance of N753 billion for 2024 and projected N997 billion for 2025. However, the Joint Finance Committee, chaired by Senator Sani Musa and Hon. James Faleke, revised the NPA’s revenue projection to N1.75 trillion to optimize income from the agency’s 56 revenue streams.
This revision, the committee noted, reflects a commitment to maximizing Nigeria’s revenue-generating potential.
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Wike to Amaechi: Account for $308m power plants sale(Photos)
… Urges Rivers to re-elect Tinubu in 2027
The Federal Capital Territory (FCT) Minister, Nyesom Wike has challenged former Rivers State Governor Rotimi Amaechi to account for the $308 million proceeds from the sale of the state-owned power plants during his administration.

Wike spoke on Sunday at a town hall meeting with leaders, elders and stakeholders of the Ogbakor Etche, in Etche Local Government of Rivers State, where he launched a fresh attack on his predecessor’s record in office.
The minister accused Amaechi of failing to translate his eight years as governor, and later eight years as Minister of Transportation, into meaningful development and opportunities for the people of Rivers State.
He specifically questioned the circumstances surrounding the sale of the state’s power plants for $308 million.
Recall that the Justice Omereji Commission of Inquiry investigated the sale and reportedly indicted the former governor. Amaechi had challenged the commission’s report in court, but the case was subsequently dismissed by the High Court, Court of Appeal and the Supreme Court.
Wike said; “Amaechi sold the gas turbine power stations for $308 million. Where is the money? What did Rivers people get from it?

“So, where is the money? Rivers people are asking: what happened to the $308 million?”
The minister also challenged Amaechi to point to his achievements for the people during his eight years as governor between 2007 and 2015.
“When you had the opportunity to be governor of Rivers State, what did you bring to our people?” Wike asked.
“From Igwuruta to Chokochoko, it was a problem. From Chokochoko to Omoku, it was a problem.
“You became Minister of Transportation for eight years. Which person from our area did you bring to the limelight? Mention just one!”
Wike urged the people of Etche to reject politicians whose primary concern, he said, was political survival rather than development of their communities.
He said political support should be based on tangible achievements and opportunities delivered to the people.
The minister cited what he described as concrete gains secured for the area, including the appointment of Professor Dimiri Mercury as Vice-Chancellor of Rivers State University and the establishment of the university’s Faculty of Agriculture campus in the area.
He also mentioned political appointments involving Senator Allwell Onyesoh and House of Representatives member Kelechi Wogu as part of the benefits of political engagement and alliances.
Wike said; “Politics is not about what one person will gain. Politics is about what your people will gain.
“Ask yourself; what has this person brought to our people? What has he done to improve the lives of our people? What opportunities have been created?
“We must begin to ask these questions because politics without development is meaningless.”
Wike also praised President Bola Tinubu’s administration, saying the Federal Government’s emphasis on due process, accountability and development offered a new direction for governance.
He urged the people to align with what he described as the President’s development-oriented agenda, rather than support politicians based solely on personal loyalty.
According to him, Tinubu’s administration has demonstrated commitment to the rule of law and transparency in the management of public resources.
“Under the Renewed Hope Agenda of President Bola Tinubu, we are witnessing a system that respects the rule of law and demands absolute transparency from public office holders,” Wike said.
“Governance is about lifting the people, not about personal aggrandisement or evading lawful inquiries into state properties.
“When people loot or mismanage the commonwealth, the law must take its course”, he added.
The minister said the President’s focus on infrastructure and inclusive governance should encourage citizens to support leaders capable of delivering practical dividends of democracy.
Wike told the gathering that the people of the region must “wise up” politically and make decisions based on what would advance their communities.
He said political allegiance should no longer be built around individuals but around programmes, development and opportunities for the people.
The meeting provided a platform for Wike to canvass support for what he described as a new political direction centred on development and alignment with the Tinubu administration.
He maintained that the people should judge politicians by their records in office, insisting that public office must be used to improve the welfare of the people rather than for personal political survival.
Wike and other political stakeholders had earlier paid a condolence visit to the palace of late elder statesman and member of the Rivers State council of traditional, ruler and the Etche/Ochie of Etche land, Emmanuel Opurum, who died at the age of 106.
The minister pledged to support the family in the burial arrangements.
News
(Video) Again Wike queries Amaechi You Sold Rivers Power Plants For $308m, Where is the money?
Again the Minister of Federal Capital Territory FCT Nyesom Wike has queried Rotimi Amaechi over Power Plants $308million.
He called on all national television stations to invite Amaechi and ask him where is the $308m.
The FCT Minister spoke during a Town Hall interactive meeting with the Ogbakor Etche and other stakeholders in Etche Local Government, Rivers State today.
Watch:
News
2027 Elections: NUJ-FCT Urges Journalists to Fact-check, Shun Inflammatory Reports
By Gloria Ikibah
The Nigeria Union of Journalists (NUJ), FCT Council, has urged journalists to exercise greater caution in gathering, verifying and publishing political information ahead of the 2027 general elections.
The call was made at the October 2026 Congress of the NUJ FCT Council in Abuja, where members deliberated on issues affecting journalists, the Union, the media profession and the wider Nigerian society.
The Congress warned journalists against publishing unverified information, particularly reports capable of inflaming tensions, misleading the public or undermining peaceful democratic participation.
It emphasised the need for journalists to fact-check information before publication and give all relevant parties a fair opportunity to respond to allegations.
Congress also reiterated the importance of compliance with the NUJ Code of Ethics and other professional standards, urging members to ensure that their reports remain accurate, balanced, fair and in the public interest.
On professional disputes within the journalism community, the Congress expressed concern over the tendency of some journalists to take disagreements involving fellow practitioners directly to security agencies and other external institutions without first exhausting the Union’s internal mechanisms.
It therefore urged members to make greater use of the NUJ Ethics and Disciplinary Committee of the Council to resolve professional and ethical disputes.
“Members were reminded that the existence of the committee provides an established platform for addressing complaints and disagreements among practitioners in accordance with the principles and procedures of the Union,” the communiqué stated.
The Congress also commended the FCT Council leadership under its chairmanship, particularly its interventions on issues affecting journalists, including ongoing efforts to improve members’ access to health insurance and other welfare initiatives.
A member who spoke during the Congress expressed appreciation to the Council for its intervention on health insurance, noting that members were already benefiting from the initiative.
The Congress, however, called for greater participation of younger journalists in Union activities and urged the Council to introduce initiatives capable of attracting more young practitioners to Congress meetings.
Members also advocated structured mentorship programmes through which experienced journalists could transfer professional knowledge, skills and ethical values to younger practitioners.
According to the Congress, strengthening mentorship will help develop the next generation of journalists and promote professionalism across the industry.
Regulation of locally made products
The Congress also expressed concern over issues surrounding the regulation and certification of products manufactured in Nigeria.
Speaking on recent developments involving locally produced goods, Felix Ojo called for greater clarity and coordination among regulatory agencies.
He particularly questioned the role of the Standards Organisation of Nigeria (SON) in ensuring that locally manufactured products meet required standards.
The Congress stressed the importance of effective regulation, quality control and consumer protection, while calling for policies that would support legitimate Nigerian manufacturers.
Journalists warned against cyberbullying
On preparations for the 2027 elections, Princess Halima Jubril urged journalists to exercise caution and professionalism in their coverage of political activities.
She stressed the importance of fact-checking reports before publication and warned journalists against exposing themselves or their organisations to avoidable legal and professional difficulties.
She also cautioned against cyberbullying, inflammatory publications and the misuse of social media platforms.
According to her, journalists should apply wisdom in their reporting and allow professional ethics to guide their coverage of political actors and campaigns.
The Congress also commended Nigerian security agencies for their efforts in rescuing members of the National Youth Service Corps (NYSC) reportedly targeted while travelling to their orientation camp.
Members expressed concern over attacks involving young Nigerians participating in the national service programme and called for stronger measures to protect corps members travelling to and from their places of deployment.
The Congress stressed that the safety of NYSC members and other young Nigerians must remain a priority for relevant security authorities.
It also called on journalists, political actors, security agencies and other stakeholders to contribute to a peaceful electoral environment ahead of the 2027 elections.
Journalists, it said, must report political activities responsibly, avoid unverified claims and refrain from publications capable of escalating political tensions.
“Congress also reminded members that their responsibility as journalists is to inform the public accurately and provide citizens with credible information needed to make informed decisions.”
At the end of its deliberations, the Congress resolved to strengthen adherence to professional ethics and responsible journalism among members and encourage journalists to fact-check political and other sensitive reports before publication.
It also resolved to promote the use of the NUJ Ethics and Disciplinary Committee in resolving professional disputes, develop mentorship initiatives for younger journalists and sustain welfare interventions, including efforts to improve access to health insurance.
Other resolutions included promoting responsible use of social media by journalists, discouraging cyberbullying and inflammatory content, and ensuring balanced, fair and credible coverage of the 2027 electoral process.
The Congress further called on relevant authorities to strengthen the protection of NYSC members and other vulnerable citizens.
It urged government agencies to promote effective regulation and quality assurance of products manufactured in Nigeria while ensuring that legitimate local manufacturers were not unduly hindered.
The NUJ FCT Council also resolved to continue engaging government agencies and other stakeholders on issues affecting journalists, the media and Nigerian society.
Congress reaffirmed the commitment of the NUJ FCT Council to the promotion of press freedom, professional journalism, journalists’ welfare, ethical standards and the public interest.
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