The Federal Accounts Allocation Committee (FAAC) reported that the Nigerian National Petroleum Company Limited (NNPCL) owes the Federal Government N6.57tn in unremitted royalties, taxes, and dividends as of May 2025.
The FAAC report, submitted in May 2025, detailed NNPCL’s debts, including N3.89tn in unpaid royalties to the Nigerian Upstream Petroleum Regulatory Commission, N2.53tn in taxes to the Federal Inland Revenue Service, and N162.33bn in dividends. These span June 2023 to April 2025.
In 2024, NNPCL remitted only N600bn of N1.1tn revenue, with N500bn unaccounted for, per a World Bank report. The company began remitting 50% of subsidy removal gains in January 2025, using the rest to offset arrears.
The report highlighted volatile debts, peaking at N532.07bn in March 2024 and N456.09bn in November 2024, indicating irregular remittances. NNPCL faces a Senate probe over N210tn in financial discrepancies from 2017 to 2023.
NNPCL alleged a sabotage campaign by “known and faceless actors” spreading misinformation to derail its anti-corruption reforms. The company vowed to align with President Tinubu’s transparency vision despite ongoing investigations.
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