NNPC Faces Scrutiny Over ₦12.7bn Unremitted Surplus, Violating Fiscal Regulations

The Nigerian National Petroleum Corporation (NNPC) is facing fresh scrutiny as the Auditor-General flagged its failure to remit a ₦12.7 billion operating surplus in 2020, violating fiscal regulations. The Auditor-General's report highlighted NNPC's non-compliance with the Fiscal Responsibility Act and warned of risks to the country's financial stability.

NNPC argued that the Act no longer fully applies to them due to restructuring under the Companies and Allied Matters Act and the Petroleum Industry Act. The report urges the National Assembly's Public Accounts Committee to compel NNPC's compliance.

The audit findings stress the need for transparency and accountability in NNPC's financial operations.