NNPC Fails to Remit N13.7 Trillion to Federation Account

The Nigerian National Petroleum Company Limited (NNPCL) has failed to remit N13.763 trillion in revenue to the Federation Account, raising fresh concerns over the management of crude oil sales proceeds.

A document obtained from the Federal Accounts Allocation Committee (FAAC) after its January 2025 meeting on Wednesday revealed the unremitted funds, which span from 2012 to 2024. The document highlighted discrepancies between the revenue generated from domestic crude sales and the actual funds deposited into the Federation Account.

According to the report, N27.28 trillion was payable from crude sales within the period under review. However, only N13.524 trillion was deposited, leaving a shortfall of N13.763 trillion. This revelation has intensified scrutiny of NNPCL’s financial transparency and accountability.

The issue comes amid recent allegations by the Auditor-General of the Federation, who accused NNPCL of diverting N2.68 trillion and $9.77 trillion over the last four years. Additionally, the Nigeria Extractive Industry Transparency Initiative (NEITI) has also charged NNPCL with failing to remit N3.6 trillion in tax obligations to the government.

The Public Accounts Committee has launched an investigation into the outstanding debts, which include $1.6 billion in royalties owed to the Federation Account by NNPCL and various oil companies.