The Nigerian National Petroleum Company Limited (NNPCL) has come under scrutiny for failing to remit ₦6.6 trillion in oil royalties to the Federal Government, according to disclosures made by the Federation Account Allocation Committee (FAAC). This startling revelation was made during a recent presentation to the House of Representatives Committee on Public Accounts, raising serious concerns over transparency and accountability in the country’s oil revenue management.
The Director of the Federation Account at the Office of the Accountant-General of the Federation, Mohammed Saleh, disclosed that the unremitted funds are part of deductions made by NNPCL from oil proceeds without proper justification or remittance. The FAAC secretariat confirmed that while efforts are ongoing to reconcile figures, the massive shortfall remains unresolved, affecting the equitable distribution of federal revenue among the three tiers of government.
Lawmakers expressed outrage, calling for urgent steps to address the financial discrepancies and demanding accountability from the state-owned oil company. The committee stressed that the continuous withholding of such huge sums jeopardizes national development and the functioning of critical sectors that rely on monthly federal allocations.
