A shocking report has revealed that the NNPC failed to remit N13.7 trillion in revenue to Nigeria’s Federation Account between 2012 and 2024. This raises serious concerns over financial accountability and crude sales transparency. Read full details here.
A new financial document obtained from the Federation Accounts Allocation Committee (FAAC) has exposed how the Nigerian National Petroleum Company Limited (NNPCL) failed to remit a jaw-dropping N13.763 trillion in crude oil revenue to the Federation Account. The revelations, which cover the period between 2012 and 2024, have reignited debates over financial mismanagement and revenue leakages in Nigeria’s oil industry.
According to the FAAC report presented at its January 2025 meeting, the NNPC was expected to remit N27.28 trillion in revenue generated from the sale of domestic crude oil. However, only N13.524 trillion was deposited into the Federation Account, leaving an alarming N13.763 trillion unaccounted for.
Shocking Allegations Against NNPC
The failure of the NNPCL to remit the total expected revenue follows a recent damning accusation by the Auditor-General of the Federation. According to the Auditor-General’s report, NNPCL allegedly diverted N2.68 trillion and a staggering $9.77 billion in just the last four years alone. This has further deepened suspicions over the company’s financial activities.
Similarly, the Nigeria Extractive Industry Transparency Initiative (NEITI) also accused the NNPCL of withholding N3.6 trillion in unpaid taxes to the government. NEITI’s report highlighted systemic lapses in financial accountability within the state-owned oil giant.
Public Accounts Committee Probes Missing Billions
Amid these damning revelations, the Public Accounts Committee (PAC) of the National Assembly has launched an investigation into outstanding debts owed to the Federation Account by the NNPCL and several oil companies. The probe specifically focuses on unpaid royalties amounting to $1.6 billion.
Experts in the oil and gas sector have expressed deep concerns over the implications of these findings, warning that Nigeria’s economic stability and revenue generation could be at risk if the financial irregularities persist unchecked.
What Next? Calls for Accountability
With mounting allegations against NNPCL, industry analysts and civil society groups are demanding greater transparency in the management of Nigeria’s oil revenues. Many are calling for an independent forensic audit to ascertain the true financial dealings of NNPCL and ensure that all outstanding funds are recovered and remitted to the Federation Account.
As investigations continue, Nigerians are eager to see whether the government will take decisive action to hold those responsible accountable and implement measures to prevent future revenue leakages.
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