The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it has surpassed its projected revenue for 2024, generating N13.1 trillion as of its presentation at the National Assembly on Monday.
This exceeds the projected revenue of N12.3 trillion for the year.
Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd., also revealed that the company projects N23.7 trillion in revenue for the 2025 fiscal year.
Kyari, the Group Chief Executive Officer of NNPC Ltd., stated during his presentation at the National Assembly that the company has surpassed the projected revenue of N12.3 trillion for 2024, having already generated N13.1 trillion.
He said: “For the 2025 fiscal year, N23.7tn is projected by the NNPCL to be remitted into the Federation Account.”
At the one-day session that lasted over four hours in Room 231 of the Senate Wing, the revenue-generating agencies made their separate presentations on 2024 budget performance and revenue projections for the N49.7 trillion 2025 budget.
The Nigeria Customs Service (NCS) at the session announced that it has exceeded its revenue target for 2024.
As of September 30, the agency had generated N5.35 trillion in revenue, surpassing the N5.09 trillion target set for the entirety of the 2024 fiscal year.
Alhaji Bashir Adeniyi, the Comptroller-General of the NCS, also announced that the agency projects N6.3 trillion in revenue for 2025, with ambitious targets of increasing this by 10% for 2026 and another 10% for 2027.
The impressive revenue performances by NNPC Ltd. and the NCS are a welcome development for Nigeria’s economy.
The exceeded revenue projections for 2024 and ambitious targets for 2025 demonstrate the government’s commitment to increasing revenue generation and reducing dependence on external borrowing.
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