Despite Withholding FAAC Dividend, NNPC Boasts of ₦10 Trillion Statutory Payments in Eight Months
The Nigerian National Petroleum Company (NNPC) Limited says it made statutory payments totaling ₦10.07 trillion between January and August 2025, even as questions mount over its failure to remit due revenue to the Federation Account Allocation Committee (FAAC).
The disclosure was contained in the company’s Monthly Report Summary for September 2025, published on Tuesday.
According to the report, the payments were classified as statutory transfers, but the NNPC did not specify what the payments covered or which agencies or regulators received them.
The revelation comes amid growing scrutiny of the company’s financial transparency and its adherence to revenue remittance obligations.
A recent report by Agora Policy, an Abuja-based policy think tank, accused the NNPC of underperforming in its obligations to the federation account.
Citing the FAAC report for September 2025, Agora Policy said the NNPC remitted only ₦534 billion as the federation’s share of Production Sharing Contract (PSC) profit oil between January and September — a figure many analysts consider disproportionately low when compared to the company’s overall earnings and payment claims.
The think tank warned that the continued shortfall in FAAC remittances could worsen fiscal pressures on the federal and subnational governments that rely heavily on monthly allocations for operations and development projects.
Since its transformation into a limited liability company under the Petroleum Industry Act (PIA) of 2021, NNPC Limited has consistently pledged to operate on principles of commercial transparency and accountability. However, stakeholders say the current opacity surrounding its revenue streams and payment disclosures undermines that promise.
Economic observers have urged the company to publish a detailed breakdown of the ₦10.07 trillion statutory payments, including recipient institutions, timelines, and the nature of the remittances, to restore public confidence.
As of press time, NNPC Limited had not issued any official clarification on the discrepancies flagged by Agora Policy.
FACT BOX: What NNPC Reportedly Paid and Owed in 2025
Period Covered: January – August 2025
Claimed Statutory Payments: ₦10.07 trillion
FAAC Remittance (Jan–Sept 2025): ₦534 billion
Shortfall: Over ₦9.5 trillion (based on available records)
Main Concern: Lack of clarity on payment beneficiaries and non-disclosure of remittance breakdown
Policy Commentator (Agora Policy): “NNPC’s non-remittance to FAAC undermines fiscal stability and transparency.”