The Federation Accounts Allocation Committee (FAAC) has raised fresh concerns over huge unresolved oil revenues, disclosing that more than $42.37 billion allegedly due from the Nigerian National Petroleum Company Limited (NNPC) to the Federation Account remains unremitted.
According to the September 2025 report of the FAAC Post-Mortem Sub-Committee (PMSC), the outstanding figure stems from alleged under-remittances between 2011 and 2017, a matter that has lingered for years without resolution.
The Committee noted that while the NNPC insists its deductions are legitimate and in line with the Petroleum Industry Act (PIA) and other relevant laws, both state governments and fiscal authorities continue to contest the claims.
To address the issue, FAAC engaged Periscope Consulting to conduct a reconciliation exercise, but the process is yet to be concluded.
In addition to the oil revenue dispute, the report also tasked the Office of the Accountant-General of the Federation (OAGF) to explain over N2.03 trillion in outstanding payables relating to taxes and royalties.
The PMSC warned that these persistent gaps in remittances undermine the credibility of Nigeria’s fiscal system and hinder efforts to improve transparency in the management of public revenues.
