NNPC maintains it owes nothing to the Federation Account as Senate probes $42bn and N210tn oil revenue discrepancies amid Frontier Exploration Fund scrutiny

The Nigerian National Petroleum Company Limited (NNPC Ltd) has insisted it has nothing to refund to the Federation Account, deepening concerns over unresolved oil revenue discrepancies, including a staggering N210 trillion figure under investigation by the National Assembly.

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The disclosure emerged following the FAAC Post-Mortem Sub-Committee review for February 2026, which examined outstanding reconciliation issues between NNPC and Periscope Consultants, hired to verify the national oil company’s remittances.

The review revealed that the two parties have yet to agree on a $42.3 billion liability believed to be owed to the federation.

“The NNPCL representative stated that they still maintain their earlier position that the company has nothing to refund to the Federation Account,” the report noted.

Authorities have given both parties a deadline to reconcile differences ahead of the next FAAC plenary meeting.

Senate Public Accounts Committee Chairman, Aliyu Wadada, indicated that the upper chamber may invite President Bola Tinubu to provide explanations in his capacity as Minister of Petroleum Resources over the N210 trillion discrepancy uncovered in NNPC’s audited financial statements covering 2017 to 2023.

The discrepancies include N103 trillion recorded as liabilities without proper documentation and N107 trillion listed as receivables, allegedly owed by unnamed defunct banks.

Wadada questioned the credibility of the entries, noting that figures should pass through the profit and loss account to be recognised as liabilities or assets.

The FAAC sub-committee also reviewed other financial matters affecting federation revenue, including deductions for infrastructure financing, frontier exploration projects, and controversial payments associated with government-backed initiatives.

NNPC had received over N453 billion in 2025 from the Frontier Exploration Fund, allocated to expand oil reserves beyond traditional producing areas.

“The reconciliation exercise is critical to establishing the exact volume of funds due to the Federation Account,” the FAAC report said, emphasising the need for stronger oversight, transparency, and collaboration among revenue agencies.

Investigations have also uncovered double charging of N5.8 billion during NNPC’s rebranding exercise and possible duplication in subsidy accounting, potentially inflating disputed figures by trillions.

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Wadada stressed that the probe is not politically motivated, but aims to ensure transparency in the management of Nigeria’s oil revenues, noting that most discrepancies predate the current administration.