By John Joseph
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The Nigerian National Petroleum Company Limited (NNPCL) has announced a remarkable revenue performance, remitting a total of N10 trillion to the Federation Account in 2024.
This impressive feat is a testament to the company’s commitment to transparency, accountability, and efficient management of the country’s hydrocarbon resources. The NNPCL’s revenue remittance for 2024 represents a significant increase from previous years, demonstrating the company’s efforts to optimize its operations, reduce costs, and maximize revenue generation.
This achievement is also a reflection of the company’s adherence to the provisions of the Petroleum Industry Act (PIA), which emphasizes the importance of transparency and accountability in the management of petroleum resources.
The NNPCL’s revenue remittance of N10 trillion for 2024 comprises various components, including royalties, taxes, and dividends. The company’s revenue streams are diversified, with a significant portion generated from the sale of crude oil, gas, and refined petroleum products.
The NNPCL’s impressive revenue performance is expected to have a positive impact on the Nigerian economy. The remittance of N10 trillion to the Federation Account will provide a significant boost to the country’s revenue, enabling the government to fund critical infrastructure projects, social programs, and other development initiatives.
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