The Federal Government, through the Federal Accounts Allocation Committee (FAAC), has prolonged its investigation into revenue remittances by the Nigerian National Petroleum Company Limited (NNPCL) and other agencies until December 2025, citing persistent discrepancies in payments.
The probe follows NNPCL’s submission addressing claims of under-remitting $42.37bn (approximately N12.91tn) to the Federation Account between 2011 and 2017.
Documents from FAAC’s October 2025 meeting, obtained by The PUNCH, reveal that the extension was granted after the sub-committee overseeing monthly reconciliations reported unresolved payments. Outstanding amounts, including N1.02tn and $137.84m, involve NNPCL, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Federal Inland Revenue Service (FIRS).
Notably, N733.19bn is attributed to NNPCL and NUPRC, while N296.25bn and $137.05m stem from discrepancies among FIRS, NNPCL, the Central Bank of Nigeria (CBN), and NUPRC.
The probe’s second phase, now extended to December 2024, mandates NNPCL to replace estimated remittance figures with actual data.
The FAAC sub-committee awaits a report from the Technical Reconciliation Committee, convened by the Ministry of Finance, to harmonize agency submissions.
Payments prior to June 2023 have been escalated to the Stakeholders Alignment Committee for further scrutiny.
The investigation intensified after Periscope Consulting, hired by the Nigeria Governors’ Forum, alleged that NNPCL withheld $42.37bn in crude oil proceeds and statutory revenues from 2011 to 2017. On October 10, 2025, NNPCL submitted its response, which is now under review by an ad hoc committee.
The process remains ongoing, with no final conclusions yet.Compounding concerns, NNPCL has failed to remit expected interim dividends of N2.17tn (N271.18bn monthly) to the Federation Account in 2025, creating a significant revenue shortfall.
The World Bank recently criticized NNPCL for remitting only 50% of revenue gains from the 2024 fuel subsidy removal, noting that of N1.1tn in crude sales and other income, only N600bn was transferred, leaving N500bn unaccounted for.
The Bank highlighted NNPCL’s monopolistic control over crude oil sales and foreign exchange inflows as a source of revenue leakages, urging stronger oversight.
Despite pledges from NNPCL’s Group CEO, Bayo Ojulari, to enhance transparency, legacy issues continue to challenge the company’s credibility.
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