Nigerian Governors Demand Evidence of President's Write-Off of NNPC's Debt

Nigerian governors are requesting evidence of President Bola Tinubu's write-off of NNPC's $1.42 billion and N5.5 trillion debt during a recent FAAC meeting. The FAAC is seeking transparency in the allocation of funds, including a physical verification of projects funded by the frontier exploration fund.

The NNPC had outstanding obligations of $1.42 billion and N5.57 trillion, which were reportedly canceled by President Tinubu. An ad hoc committee has been established to examine the utilization of revenue, particularly the frontier exploration fund.

The NNPC has requested time to resolve the matter and provide detailed records. The FAAC is emphasizing the need for transparency and accountability in managing the country's oil and gas sector.