By Zara Maisango
A shocking revelation has emerged regarding the Nigerian National Petroleum Company Limited (NNPCL), which failed to remit a staggering ₦13.763 trillion to the Federation Account between 2012 and 2024. According to documents from the Federal Accounts Allocation Committee (FAAC), NNPCL was expected to deposit ₦27.28 trillion from domestic crude sales but only remitted ₦13.524 trillion, leaving a massive shortfall.
The financial discrepancies do not end there. Reports from the Auditor-General of the Federation accuse NNPCL of diverting ₦2.68 trillion and $9.77 million over the past four years. Additionally, findings from the Nigeria Extractive Industry Transparency Initiative (NEITI) reveal that the company failed to remit ₦3.6 trillion in taxes.
These alarming figures have raised serious concerns among policymakers, prompting legislative scrutiny. The Public Accounts Committee is now investigating NNPCL’s outstanding debts, including $1.6 billion in unpaid royalties owed to the Federation Account by the corporation and various oil companies.
The lack of transparency in NNPCL’s financial dealings has reignited public discourse on the management of Nigeria’s oil revenue. With the nation facing economic hardship, stakeholders are demanding accountability, urging the government to ensure that all funds meant for national development are properly accounted for and remitted accordingly.
As scrutiny deepens, Nigerians await decisive action to address these financial irregularities and prevent further revenue leakages in the country’s petroleum sector.