NNPC, Consultants Disagree on $42.3bn Under-Remittance

The reconciliation process between the Nigerian National Petroleum Company Limited (NNPC Ltd) and Periscop Consult concerning a $42.3 billion under-remittance to the Federation has encountered significant obstacles. A report from the FAAC post-mortem subcommittee, dated February 2026, revealed that the parties failed to agree on the figures related to the under-remittance.

Despite ongoing efforts to reconcile crude oil revenue remittances, no mutual agreement has been reached. The discrepancies, amounting to N210 trillion, have raised concerns within the National Assembly, with President Bola Tinubu expected to address these issues.

The subcommittee has set a deadline for the parties to reconcile their differences and report back at the next FAAC plenary meeting. The unresolved discrepancies in oil revenue remittances have created tension among federal and subnational governments, which heavily rely on monthly FAAC allocations.

The subcommittee is also reviewing various financial matters affecting the Federation Account, including the controversial financing of frontier exploration activities by NNPC.