The Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Ports Authority (NPA) came under increased scrutiny from the National Assembly Joint Committee on Finance as the government intensifies efforts to boost revenue amidst economic challenges.
Malam Mele Kyari, Group CEO of NNPCL, claimed that the company remitted a record N10 trillion to the Federation Account by September 2024.
He also emphasized its transparency, stating that NNPCL is the only Nigerian company publishing 100% of its financial accounts annually.
However, Kyari faced questions about funds spent on petrol price stabilization before October 1, 2024, when the company acted as the supplier of last resort under the Petroleum Industry Act.
Kyari called for a forensic audit to clarify these expenditures, signaling potential gaps in accountability.
Despite these assertions, NNPCL’s 2025 revenue projections remain uncertain, as its board of directors is yet to finalize the parameters for the coming year.
The Nigerian Ports Authority, represented by Managing Director Dr. Abubakar Dantsoho, reported remitting N753 billion to the Consolidated Revenue Fund in 2024 and initially projected N997 billion for 2025.
However, the Joint Committee, led by Senator Sani Musa and Hon. James Faleke, rejected this figure, increasing the target to N1.75 trillion.
The committee justified the adjustment by pointing to the agency’s 56 revenue streams and its untapped potential.
The session underscored the legislature’s heightened focus on Nigeria’s revenue-generating agencies. While both NNPCL and NPA highlighted their contributions, lawmakers pushed for greater accountability and increased revenue targets to address the country’s economic needs.
This development reflectd a broader effort by the government to maximize income while demanding transparency and efficiency from its key institutions.