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NNPCL Declares N10trn Remittance, N3.5trn Dividends for 2024

Published

3 months ago

January 15, 2025

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.

Related Topics:fuel Nigeria Nigerian Petrol Senate

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Benue LG chairman gives Fulanis 48hrs to leave all farmlands

Published

5 hours ago

April 27, 2025

ADMIN

The chairman of Agatu Local Government Area in Benue State, James Melvin Ejeh, has given Fulani herdsmen a 48-hour notice to leave all agricultural lands.

This announcement was made during a stakeholders’ meeting on Saturday, April 26, 2025, at the council secretariat in Obagaji.

The meeting included traditional leaders, representatives from the Fulani community, youth leaders, and security personnel to discuss the increasing concerns regarding herders’ activities on farmland as the planting season nears.

The Chief Press Secretary to the Agatu LGA Chairman, Obochi Solomon, reported that Ejeh highlighted the importance of safeguarding agricultural activities in Agatu in light of the upcoming planting season.

He remarked that agriculture is essential to the local economy and that farmers should have unhindered access to their lands.

Ejeh also acknowledged the current peace in the region but reiterated that maintaining uninterrupted farming activities is of utmost importance.

“Our farmers must cultivate without disruption. We will do everything necessary to create a safe environment for them,” he said.

The statement further disclosed that during the meeting, the Ado of the Fulani requested a one-week extension to allow the herders to prepare for their relocation, a request that the council approved.

The CPS noted that the General Youth Chairman of Agatu LGA, Oloche Silas, committed on behalf of the Agatu youth to support the peaceful evacuation process and to avoid any acts of violence.

Security personnel, including members of the Nigeria Police Force and the Department of State Services (DSS), were reported to have praised the peaceful resolution of the issue and promised to offer necessary assistance during the relocation.

Additionally, representing the Och’Agatu, Chief John Agidani, spoke at the meeting, commending the leadership of the Council Chairman and urging all parties to adhere to the agreement.

News

Five suspected kidnappers eliminated by police in Delta

Published

5 hours ago

April 27, 2025

ADMIN

Five alleged kidnappers have reportedly died after a fierce gun battle with operatives of the CP-Special Assignment Team.

The suspects were confirmed dead in a hospital they were rushed to for medical attention.

Delta State Police Public Relations Officer, SP Bright Edafe who confirmed the development in a statement, stated that the incident occurred on 21st April 2025.

The police image maker disclosed that operatives of the CP-Special Assignment team, acting on intelligence relating to kidnapping in Ubuluku, Isseluku, Issele-Asagba, and environs by one Bello Abubakar and his gang members, stormed one of their hideouts in Agu-Amawbia forest, Anambra State.

SP Edafe pointed out that during the raid of the suspects hideout in the forest, the operatives recovered one AK-47 rifle and one hundred and thirty-two rounds of live ammunition.

He further said the investigation was extended to another of their hideouts in a forest between Issele-Asagba and Utulu, where the said Bello Abubakar and his gang members were waiting in ambush.

According to the police image maker, the suspected kidnappers attacked the policemen in a fierce gun battle, but the team, who were aware of the battle ahead, reciprocated in like manner.

SP Edafe added that the manhunt for other injured fleeing suspects is ongoing.

News

Francophone Ambassadors, Nigeria Unite To Fight Against Climate Change

Published

10 hours ago

April 27, 2025

Gloria Ikibah

By Gloria Ikibah

The Ambassador of Bulgaria to Nigeria and President of the Francophone Ambassadors Group, Amb. Yanko Yordanov has reaffirmed the commitment of French-speaking countries to work closely with Nigeria in promoting environmental protection, democracy, and cultural exchange.

Speaking during the 2025 Francophonie celebration in Abuja, the Ambassador explained that although the International Day of La Francophonie is usually marked in March, they decided to hold the event in April to accommodate broader participation.

“This is a gathering that encompasses the meaning of La Francophonie. In French-speaking countries, the Francophone countries, we are uniting together to celebrate the diversity, our values, our mission, and, of course, to celebrate together with Nigeria. Because we are partners, we share the same values, and we have the same concerns,” he said.

Addressing the theme of the event, which includes environmental preservation and afforestation, the ambassador stressed that climate change is a shared challenge that must be tackled together.

“I think that it is a very important theme and La Francophonie has a lot to say and a lot to do in cooperation with countries, our partners like Nigeria, which are really equally affected by the climate change. So we want to raise the awareness of the importance of fighting the climate change in a way that benefits all nations, that mitigates really the climate change effect and that benefits the lives of all the citizens of all the worlds on the planet,” he said.

Reflecting on his experience leading the Francophone ambassadors in Nigeria, he said he was proud of the progress made in deepening ties between Nigeria and the Francophone community.

“I have been honoured to chair the informal group of the Francophone ambassadors in Nigeria for the past two years and I am proud of what we have achieved together in terms of making La Francophonie much more popular, much more understandable and much more visible in Nigeria,” he said.

He explained that the group, made up of over 25 ambassadors, has not only promoted Francophone culture in Nigeria but has also worked to showcase Nigeria’s rich heritage across Francophone countries Their joint efforts also span areas like trade, investment, political relations, and cultural exchanges.

“I think that the success of our group, which is very visible, is based on the cooperation with Nigeria, which is our partner, which shares our values and our mission, including in the area of the fight against climate change, which affects not only the Francophones, but also all the others, including Nigeria,” he added.

He emphasized that the partnership between Francophone nations and Nigeria is built on shared principles of humanity, democracy, and the rule of law.

“So we are very happy to cooperate with Nigeria in many directions, including the visibility of these problems and the visibility of the decisions and successes that we can achieve together in this area. I would like to say that the Francophones and Nigeria have the same mission. It is humanity. It is the promotion of democracy, of the rule of law. So we are very, very happy and proud to be able to cooperate with Nigeria,” the envoy stated.

Every year, the celebration of “La Francophonie” is an opportunity to highlight the richness of French-speaking cultures and linguistic diversity. It also pro ides an opportunity to promote the French language as a tool for solidarity and cooperation in tackling major challenges such as sustainable development.

This year, the celebrations planned as part of the Month of La Francophonie in Nigeria showcased how the French-speaking countries work together in the service of energy transition, the protection of fauna and flora and the development of new ecosystems.