The Nigerian National Petroleum Company Limited (NNPCL) has not remitted a total of N13.763 trillion in revenue to the Federation Account, according to a document obtained from the Federal Accounts Allocation Committee (FAAC) after its January 2025 meeting.
The document reveals that the unremitted funds span from 2012 to 2024, raising concerns about discrepancies between NNPCL’s crude oil sales revenue and actual remittances to the government. During this period, NNPCL was expected to deposit N27.28 trillion from domestic crude oil sales into the Federation Account. However, only N13.524 trillion was remitted, leaving a shortfall of N13.763 trillion.
This revelation comes amid broader financial concerns surrounding NNPCL. The Auditor-General of the Federation recently accused the company of diverting N2.68 trillion and $9.77 trillion over the past four years. Similarly, the Nigeria Extractive Industry Transparency Initiative (NEITI) alleged that NNPCL failed to remit N3.6 trillion in taxes to the government.
In response to these concerns, the Public Accounts Committee has launched an investigation into outstanding debts, including $1.6 billion in unpaid royalties owed to the Federation Account by NNPCL and other oil companies.
