The Federal Government has extended the ongoing probe and reconciliation of payments by revenue-generating agencies, including the Nigerian National Petroleum Company Limited, until December 2024, due to unresolved discrepancies in remittances.

The extension followed NNPC’s submission of its response to allegations of under-remitting $42.37 billion (about ₦12.91 trillion) to the Federation Account between 2011 and 2017.

In the documents from the October 2025 meeting of the Federation Account Allocation Committee, the decision was taken after the reconciliation sub-committee reported that several outstanding payments were yet to be fully resolved, according to The Punch.

‘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 document stated.

It was also disclosed that unresolved payments by the agencies prior to June 2023 have been forwarded to the Stakeholders Alignment Committee for thorough review.

To ensure accuracy and eliminate inconsistencies, the NNPC Limited has been directed to submit its actual remittance figures to replace the earlier estimates it provided.

“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 further stated that it is awaiting the report of the Technical Reconciliation Committee set up by the Federal Ministry of Finance to harmonise submissions from all relevant agencies.

It added that the unreconciled amounts include ₦1.02 trillion and $137.84 million in revenue discrepancies involving key agencies such as the NNPC Limited, the Nigerian Upstream Petroleum Regulatory Commission, and the Federal Inland Revenue Service.

A breakdown of the figures showed that while no dollar remittance gap was recorded under the NNPC Limited category, the company and the NUPRC jointly had ₦733.19 billion outstanding. Another ₦296.25 billion was linked to discrepancies between the FIRS and NNPC Limited, while $69.03 million and $68.02 million were tied to unresolved balances involving FIRS, NNPC, the Central Bank of Nigeria, and NUPRC.

The extended probe comes amid months of revenue disputes between NNPC Limited and government fiscal authorities over unremitted earnings.

The document further disclosed that the Federal Government has commenced a review of NNPC’s response to the alleged under-remittance of $42.37 billion (about ₦12.9 trillion) to the Federation Account between 2011 and 2017.

The review stems from findings by Periscope Consulting, a firm commissioned by the Nigeria Governors’ Forum, which had earlier accused the state oil company of withholding crude oil proceeds and other statutory revenues meant for the Federation Account during the period.