In 2024, Nigerian National Petroleum Company Limited (NNPC) transferred nearly ₦16 trillion to the federal government in taxes, royalties, and dividends, a record-breaking sum that the company described as unprecedented.
The funds come from NNPC’s robust performance in core energy operations. In that period, the company produced 202.3 million barrels of crude oil and 1,045.6 billion standard cubic feet (SCF) of natural gas. On top of that, NNPC said its sustainable procurement, procurement designed to balance value for money with environmental and social responsibility, hit ₦4.463 trillion in 2024.
As part of its diversification and community engagement efforts, NNPC also commissioned 12 new compressed natural gas (CNG) stations in major cities like Abuja and Lagos, trained over 1,000 mechanics, and deployed 55 eco-friendly trucks.
In the words of NNPC’s Group CEO, Bayo Ojulari: “In 2024, we remitted N15.982 trillion to the federal government in taxes, royalties, and dividends; an unprecedented contribution to national development.”
This large remittance strengthens Nigeria’s fiscal position at a time when non-oil revenues remain uncertain. The ₦16 trillion injection provides much-needed resources for infrastructure, public services and debt servicing, reducing pressure for excessive borrowing. Given that NNPC also reported a substantial rise in its 2024 profit after tax (to ₦5.4 trillion) and overall revenue doubling to around ₦45 trillion, the company appears better positioned to contribute even more in the medium term.
Beyond direct remittances, this performance could revive investor confidence in Nigeria’s oil and gas sector, potentially drawing in further capital for upstream, midstream, and downstream projects. This could stimulate job creation, strengthen energy supply, and broaden the industrial base.
