President Bola Tinubu has written off a large portion of the debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account.
This was made known in a recent report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Naijaonpoint reports that according to the report, President Tinubu wiped off about $1.42 billion and ₦5.57 trillion NNPCL debts, respectively.
This was made public in documents released by the NUPRC titled “Report of October 2025 Revenue Collection Presented at the Federation Account Allocation Committee Meeting Held on 18th November 2025”.
Based on the President’s approval, debts owed by the NNPCL to the federation account, accumulated up to December 31, 2024, have been written off while leaving current liabilities from 2025 operations under ongoing monitoring.
The commission confirmed that all accounting entries reflecting the debt cancellation have been implemented in the Federation Account.
According to the NUPRC, the Presidential approval followed recommendations from the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation, which reviewed royalty and lifting-related liabilities up to the end of 2024.
In the section headed “Recovery from NNPC Ltd Outstanding Obligations,” the commission said the debts earlier reported at the October 2025 FAAC meeting stood at “$1,480,610,652.58 and N6,332,884,316,237.13 for PSC, DSDP, RA & MCA Liftings and JV & PSC Royalty Receivables respectively.
“However, the commission recently received a Presidential Approval to nil off the outstanding obligations of NNPC Ltd as at 31st December 2024 as submitted by the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation,” the statement noted.
Providing a breakdown of the affected balances, the NUPRC added, “Consequently, out of $1,480,610,652.58 and N6,332,884,316,237.13, the affected outstanding obligations that have been nil off are $1,421,727,723.00 N5,573,895,769,388.45. The commission has passed the appropriate accounting entries as approved.”