The Federation Accounts Allocation Committee has flagged renewed concerns over massive unreconciled revenues, revealing that more than $42.37 billion allegedly owed by the Nigerian National Petroleum Company Limited to the Federation Account remains unsettled.

Meanwhile, the Office of the Accountant-General of the Federation has been asked to account for over N2.03 trillion in outstanding payables related to taxes and royalties.

These issues were detailed in the September 2025 report of the FAAC Post-Mortem Sub-Committee, which highlighted ongoing gaps in Nigeria’s oil revenue remittances.

The Committee noted that while NNPC maintains its deductions are legitimate under the Petroleum Industry Act and other applicable laws, state governments and fiscal authorities continue to dispute the figures.

The $42.37 billion in question reportedly stems from under-remittances by NNPC between 2011 and 2017.

The Sub-Committee had engaged Periscope Consulting to reconcile the figures, but the process remains incomplete.

At its most recent meeting, NNPC representatives said they were “almost done” with the review and would provide a formal update within two weeks.

“This assignment is still a work in progress.

“Recall that a meeting was conveyed by the Sub-Committee with Periscope Consulting, the Consultant engaged by the Forum of State Commissioners of Finance regarding under-remittance of $42,373,896,555.00 by the NNPC to the Federation Account.

“Also recall that the Committee reported that NNPC requested for a minimum of 2 months grace to study the consultant’s submission considering the period covered by the report (2011-2017) and to revert back.

“As at the Sub-Committee’s last meeting, NNPC reported that they are almost done with their response and will report back within two weeks. The Sub-Committee awaits NNPC response to be able to close out on the matter. This assignment is still work in progress,” part of the document stated.

Beyond the $42.37 billion dispute, NNPC has acknowledged liabilities of N2.032 trillion, covering unpaid FIRS taxes and Nigerian Upstream Petroleum Regulatory Commission royalties for June to December 2023.

Monthly breakdowns show substantial accruals: in June 2023, NUPRC royalties were N133.65 billion and FIRS taxes N173.08 billion, totaling over N306 billion. By December 2023, another N142.59 billion was recorded, bringing the seven-month total to N2.03 trillion.

“The Sub-Committee is still awaiting a feedback from the Accountant-General of the Federation on the outstanding sum of payables being NUPRC Royalty and FIRS Tax for the period June to December, 2023. Recall that NNPC insisted that the OAGF should account for the N2,032,479,380,677.87 and NNPC recognized it as payables during the alignment Committee meeting,” the FAAC document showed.

The report further showed that between January and July 2025, cumulative arrears of approximately N1.6 trillion were reconciled and remitted to the Federation Account. This sum included supplementary arrears as well as NUPRC royalties converted into naira at prevailing Central Bank rates.