NNPC Withholds N13.7 Trillion in Revenue from Federation Account
The Nigerian National Petroleum Company Limited (NNPCL) has failed to remit N13.763 trillion in revenue to the Federation Account, according to a document from the Federal Accounts Allocation Committee (FAAC) obtained after its January 2025 meeting.
The withheld funds span from 2012 to 2024, raising concerns over discrepancies between NNPCL’s crude oil sales revenue and its actual remittances to the government. The document reveals that out of N27.28 trillion generated from domestic crude sales within the period, only N13.524 trillion was deposited, leaving a shortfall of N13.763 trillion.
This revelation comes amid recent accusations from the Auditor-General of the Federation, who alleged that NNPCL diverted N2.68 trillion and $9.77 billion over the past four years. Additionally, the Nigeria Extractive Industry Transparency Initiative (NEITI) recently accused the oil company of failing to remit N3.6 trillion in taxes.
Meanwhile, the Public Accounts Committee has launched an investigation into unpaid royalties totalling $1.6 billion, allegedly owed to the Federation Account by NNPCL and several oil firms.
