A significant amount of the debts owing by Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account have been waived off by President Bola Tinubu.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed this in a recent report.
According to the source, President Tinubu paid down NNPCL debts of approximately $1.42 billion and ₦5.57 trillion, respectively.
Documents headed “Report of October 2025 Revenue Collection Presented at the Federation Account Allocation Committee Meeting Held on 18th November 2025” were made available to the public by the NUPRC.
Debts owed by the NNPCL to the federation account up until December 31, 2024, have been written off with the President’s assent; current obligations from 2025 activities will continue to be monitored.
The commission attested to the implementation of all accounting entries in the Federation Account that reflect the cancellation of the debt.
The Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation, which examined royalty and lifting-related liabilities up to the end of 2024, made recommendations that were followed by the Presidential approval, according to the NUPRC.
The commission stated that the debts previously recorded at the October 2025 FAAC meeting were $1,480,610,652.58 and N6,332,884,316,237.13 for PSC, DSDP, RA & MCA Liftings and JV & PSC Royalty Receivables, respectively, in the section titled “Recovery from NNPC Ltd Outstanding Obligations.”
The statement stated, “However, the commission recently received a Presidential Approval to zero off the outstanding obligations of NNPC Ltd as of December 31, 2024, as submitted by the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation.”
Out of $1,480,610,652.58 and N6,332,884,316,237.13, the affected outstanding liabilities that have been written off are $1,421,727,723.00 N5,573,895,769,388.45, according to the NUPRC, which also provided a breakdown of the affected amounts. The proper accounting entries have been approved by the commission.