The Nigerian National Petroleum Company Limited (NNPCL) has failed to remit N13.763 trillion in revenue to the Federation Account, according to a document from the Federal Accounts Allocation Committee (FAAC) following its January 2025 meeting.
The report reveals that between 2012 and 2024, NNPCL generated N27.28 trillion from domestic crude sales but only deposited N13.524 trillion, leaving a gap of N13.763 trillion unremitted.
This disclosure adds to mounting concerns over NNPCL’s financial transparency. The Auditor-General of the Federation recently accused the company of diverting N2.68 trillion and $9.77 billion over the past four years. In a similar vein, the Nigeria Extractive Industry Transparency Initiative (NEITI) alleged that NNPCL failed to remit N3.6 trillion in taxes to the government.
The Public Accounts Committee has also launched an investigation into $1.6 billion in unpaid royalties owed to the Federation Account by NNPCL and other oil companies.
These revelations have sparked fresh debates over accountability in Nigeria’s oil sector, as stakeholders call for stricter oversight of NNPCL’s operations.
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