NNPCL Withholds N13.7tn From Federation Account, Raising Concerns

The Federation account has not received N13.763 trillion in revenue from the Nigerian National Petroleum Company Limited (NNPCL).

This is according to a document obtained from the Federal Accounts Allocation Committee after its January 2025 meeting on Wednesday.

The unremitted revenue covers a period between 2012 and 2024, indicating concerns between NNPCL’s revenue from crude sales and what is remitted to the Federation account.

The Nigerian National Petroleum Company Limited has failed to remit N13.763 trillion in revenue to the Federation account.

This is according to a document obtained from the Federal Accounts Allocation Committee after its January 2025 meeting on Wednesday.

The unremitted revenue covers a period between 2012 and 2024, indicating concerns between NNPCL’s revenue from crude sales and what is remitted to the Federation account.

Accordingly, the document showed that out of N27.28 trillion payable from sales of domestic crude within the period, only N13.524 trillion was deposited into the Federation account, leaving N13.763 trillion unremitted.

The development follows a recent accusation by the Auditor-General of the Federation, which claimed that NNPCL diverted a total sum of N2.68 trillion and $9.77 trillion in the last four years.

Similarly, the Nigeria Extractive Industry Transparency Initiative also accused the NNPCL of failing to remit N3.6 trillion in taxes to the government.

The Public Accounts Committee had initiated an investigation into the outstanding debts worth $1.6 billion in royalties owed to the Federation Account by NNPCL and oil companies.