President Tinubu Cancels $1.42B NNPC Debt to Federation Account

President Tinubu has written off a significant portion of the debt owed by the Nigerian National Petroleum Corporation Limited (NNPC Ltd) to the Federation Account, amounting to $1.42 billion and ₦5.57 trillion. The decision was made public in a report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The debt was accumulated by NNPC Ltd until December 31, 2024, and has now been canceled, leaving the current liabilities for 2025 under ongoing monitoring. The move follows recommendations from stakeholders and a committee to reconcile the indebtedness of NNPC Ltd to the Federation Account.