The Federal Accounts Allocation Committee (FAAC) has extended the ongoing probe and reconciliation of payments made by revenue-generating agencies to December 2025, following unresolved discrepancies in remittances.
The probe primarily focusing on the Nigerian National Petroleum Company (NNPC) Limited comes amid allegations of revenue under remittance of $42.37 billion, an equivalent of N12.91 trillion, to the federation account between 2011 and 2017.
The extension was approved after the sub-committee in charge of the monthly reconciliation meetings reported that several outstanding payments were yet to be fully reconciled, following the October 2025 FAAC meeting.
“Members should note that the above outstanding amounts are still being reconciled at the monthly reconciliation meetings between the agencies and the sub-committee,” a document from the sub-committee investigating the case showed.
“Furthermore, the outstanding payments from the Revenue Generating Agencies before June 2023 were referred to the Stakeholders Alignment Committee,” the document stated.
It was further revealed that outstanding payments by the agencies before June 2023 have been referred to the Stakeholders Alignment Committee for deeper scrutiny.
To ensure accurate reporting and eliminate discrepancies, the NNPC Limited has been mandated to provide its actual remittance figures to replace previously submitted estimates.
“Also, the second phase of the reconciliation extended the period to December 2024, and NNPCL was mandated to provide its actual figure to replace the estimates. The Sub-Committee awaits the outcome of the report of the Technical Reconciliation Committee meeting conveyed by the Ministry of Finance,” the document added.
The sub-committee also noted that it is awaiting the outcome of the report from the Technical Reconciliation Committee convened by the Federal Ministry of Finance to harmonise submissions from all relevant agencies.
The amount yet to be reconciled includes N1.02 trillion and $137.84 million in unreconciled revenue from key revenue-generating agencies, including the NNPC Limited, the Nigerian Upstream Petroleum Regulatory Commission (NUPR, and the Federal Inland Revenue Service (FIRS).
A breakdown of the figures indicated that while no dollar remittance gap was recorded under the NNPC Limited category, the company and NUPRC jointly had N733.19 billion outstanding. Another N296.25 billion was attributed to discrepancies between the FIRS and NNPC Limited, while $69.03 million and $68.02 millilm were traced to unresolved balances involving FIRS, NNPC Limited, CBN, and NUPRC.
The extended probe follows months of revenue disputes between the state oil company and government fiscal authorities over unremitted earnings.
The document also revealed that the government has begun reviewing the NNPC Limited response to allegations of under-remitting $42.37 billion (about N12.9 trillion) to the Federation Account between 2011 and 2017.
The review follows findings by Periscope Consulting, a firm engaged by the Nigeria Governors’ Forum, which had earlier accused the state oil company of withholding crude oil proceeds and other statutory revenues due to the Federation Account during the period.