The Nigerian National Petroleum Company Limited (NNPCL) has failed to remit ₦13.763 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 between 2012 and 2024, NNPCL was expected to remit ₦27.28 trillion from domestic crude sales but deposited only ₦13.524 trillion, leaving a shortfall of ₦13.763 trillion.
This comes amid recent allegations by the Auditor-General of the Federation, (AGF), who accused NNPCL of diverting ₦2.68 trillion and $9.77 trillion in the past four years. Additionally, the Nigeria Extractive Industry Transparency Initiative, (NEITI) claims NNPCL failed to remit ₦3.6 trillion in taxes.
The Public Accounts Committee has launched an investigation into $1.6 billion in outstanding royalties owed to the Federation Account by NNPCL and other oil firms.
