The Federal Government, through the Federation Account Allocation Committee (FAAC), has extended the ongoing probe and reconciliation of payments made by revenue-generating agencies, including the Nigerian National Petroleum Company Limited (NNPC), to December 2025, following unresolved discrepancies in remittances.
According to documents obtained from the October 2025 FAAC meeting and published by The PUNCH on Sunday, the extension was granted after the committee’s sub-committee on reconciliation reported that several outstanding payments were yet to be fully accounted for.
The move comes after the NNPC submitted its response to allegations of under-remitting $42.37 billion (approximately N12.91 trillion) to the Federation Account between 2011 and 2017.
A section of the FAAC document stated:
“Members should note that the above outstanding amounts are still being reconciled at the monthly reconciliation meetings between the agencies and the sub-committee. Furthermore, the outstanding payments from the Revenue Generating Agencies before June 2023 were referred to the Stakeholders Alignment Committee.”
The report also confirmed that unresolved remittances predating June 2023 have now been transferred to the Stakeholders Alignment Committee for deeper scrutiny and harmonisation.
The FAAC reconciliation exercise, initiated to strengthen transparency and fiscal discipline in Nigeria’s public finance system, continues to uncover inconsistencies in the revenue submissions of several key agencies, prompting extended review timelines.
