NNPCL owes FG N6.6tn unremitted royalties – FAAC

NNPCL image

The Federal Accounts Allocation Committee has revealed that the Nigerian National Petroleum Company Limited currently owes the Federation Government a staggering N6.57tn as of May 2025.

FAAC said the bulk of the debt, about N3.89tn, comprised unpaid royalties due to the Nigerian Upstream Petroleum Regulatory Commission.

According to the committee, the NNPCL is yet to remit another N2.52tn outstanding tax liabilities payable to the Federal Inland Revenue Service.

FAAC stated this in a report titled, “NNPC Ltd Payables to NUPRC, FIRS & Federation as at May 2025 FAAC” which was submitted at the May FAAC meeting.

The report, obtained on Friday by our correspondent, raises alarm over the state-owned firm’s financial obligations and the country’s plunging oil earnings.

It detailed outstanding remittances spanning royalties, taxes, and dividends that NNPC has yet to pay into the federation account between June 2023 to April 2025.

A breakdown of the report shows that the debt is split across three major components; N3.89tn due in royalties to the NUPRC, N2.53tn in unpaid taxes to the FIRS, and N162.33bn in unremitted dividends.

Punch