Breaking: President Tinubu Wipes Out $1.42B And ₦5.57T NNPCL Debt To Federation Account

President Bola Tinubu has cancelled a significant portion of the debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account.....KINDLY READ THE FULL STORY HERE▶

The development was disclosed in a recent report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). According to the report, President Tinubu approved the write-off of approximately $1.42 billion and ₦5.57 trillion in NNPCL debts.

The information was made public in the NUPRC’s document titled “Report of October 2025 Revenue Collection Presented at the Federation Account Allocation Committee Meeting Held on 18th November 2025.”

As per the President’s directive, all debts accumulated by NNPCL up to December 31, 2024, have been written off, while liabilities from 2025 operations will continue to be monitored. The NUPRC confirmed that the necessary accounting entries reflecting the debt cancellation have been implemented in the Federation Account.

The Presidential approval followed recommendations from the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation, which reviewed royalty and lifting-related liabilities up to the end of 2024.

In the report section titled “Recovery from NNPC Ltd Outstanding Obligations,” the commission noted that the debts reported at the October 2025 FAAC meeting stood at $1,480,610,652.58 and ₦6,332,884,316,237.13 for PSC, DSDP, RA & MCA liftings and JV & PSC royalty receivables, respectively.

“However, the commission recently received Presidential approval to fully write off NNPC Ltd’s outstanding obligations as of 31st December 2024, as recommended by the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation,” the statement read.

The NUPRC further provided a detailed breakdown, stating: “Consequently, of the $1,480,610,652.58 and ₦6,332,884,316,237.13 reported, the amounts written off are $1,421,727,723.00 and ₦5,573,895,769,388.45, respectively. The commission has recorded the appropriate accounting entries as approved.”