The Federal Government has extended the ongoing probe into the Nigerian National Petroleum Company Limited (NNPCL) and other revenue-generating agencies to December 2025, following unresolved discrepancies in remittances to the Federation Account.
According to documents from the October 2025 Federation Account Allocation Committee (FAAC) meeting, the extension was approved after the reconciliation sub-committee reported that several outstanding payments were yet to be fully reconciled.
At the center of the probe is an alleged $42.37 billion (₦12.91 trillion) under-remittance by NNPCL between 2011 and 2017, as revealed by a review conducted by Periscope Consulting for the Nigeria Governors’ Forum. The NNPCL submitted its official response to the allegations on October 10, 2025, which is currently under review by an ad hoc committee.
FAAC records also show that ₦1.02 trillion and $137.84 million remain unreconciled across key agencies, including NNPCL, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Federal Inland Revenue Service (FIRS).
The government has further mandated NNPCL to provide actual remittance figures to replace earlier estimates, while the Ministry of Finance’s Technical Reconciliation Committee works to harmonize all submissions.
Meanwhile, the World Bank has warned that NNPCL’s failure to fully remit oil revenues continues to undermine fiscal transparency. Despite the removal of the petrol subsidy, the Bank noted that only 50% of related revenue gains have been remitted to the Federation Account, leaving substantial gaps in government earnings.
NNPCL’s Group CEO, Bayo Ojulari, has reiterated the company’s commitment to transparency and accountability, though legacy issues from past years continue to cloud its operations.
