The receivable has been assessed for impairment and has remained in stage 1,” it explained.
Events subsequent to the reporting period
The document noted that the Presidential Executive Sequence 9 signed by President Bola Ahmed Tinubu on 18 February 2026, titled “Presidential Executive Command to Protected Federation Oil and Gas Revenues and Propose Regulatory Clarity” still had a financial result on the enterprise.
It still said at the date of authorisation of the financial statements, “the financial influence of the Executive Sequence had not been fully determined. Similarly, a loan of N2607 billion was disbursed to PHRC for the intention of settling outstanding invoices due to The NNPC Engineering and Specialized Enterprise (NETCO) and the Egyptian Projects Operation and Maintenance (EPROM) under the 9-month Operations and Maintenance (O&M) Contract for the Area 5 Plant.”
It added that the outstanding intercompany loan balance of N9,104,154,160 (trillion) and N1,660,388,959.28 (trillion) amid NNPC Little and NIDAS Shipping Services Compact was converted to investment on the conclusion of all legal formalities pursuant to the 2021 Possible Administration Committee (TMC) approval.
It furthermore explained that the overall loan due from NNPC Energy Services Bounded (Enserv) amounting to N211.6 billion is for the foundation of Keana drilling campaign, Chad Basin re-entry as well as other 3D Seismic acquisition projects.
It added that a N473.8bn loan to NNPC Gas Infrastructure Enterprise Restricted (NGIC) was granted to sponsor the Nigeria-Morocco Gas Pipeline cash refer to commitments, equity injection to AGPC, and support the AKK Pipeline Project.
As at 31 December 2025, N25.7 billion resonate to is outstanding. As at the reporting date, the facility had an undrawn balance of N2269bn. Ltd, for teamwork by path of a latent Technological Equity Coordination (TEP) in support of the completion and operation of the Port Harcourt and Warri Refineries.
It explained that “in 2025, a loan of N133.5 billion was granted to KRPC to support invoice payments and tax obligations relating to the Rapid Repair Maintenance project at KRPC As at the reporting date, the facility had an undrawn balance of N56bn.
“Additional so, the loan disbursed to WRPC amounting to N104.8 billion was provided to finance tax payments relating to the Speedy Resolve Maintenance project at WRPC.
The Nigerian Countrywide Petroleum Enterprise (NNPCL) says it loaned N220.495 to its three refineries for Swift Address Maintenance project, tax obligations, amid others.
The figures were contained in its 2025 Audited Financial Record.
According to the describe, the Kaduna Refining & Petrochemical Organization Slender was loaned N77.588, although Port Harcourt Refining Firm Compact got N2.58bn and Warri Refining & Petrochemical Organization Restricted got N113.327bn.
The spending is coming a year subsequent to the NNPCL signed a Memorandum of Understanding (MoU) alongside two Chinese companies, Sanjiang Chemical Firm Modest and Xingcheng (Fuzhou) Industrial Park Operation and Instruction Co. As a consequence, no adjustments have been recognised in these financial statements in respect of this material.”
It furthermore said the financial influence of the proposed Memoranda of Understanding (“MoUs”) including two Chinese engineering firms cannot yet be reliably estimated.
It explained that the agreements are intended to “assist the restoration of refining capacity, strengthen functioning efficiency, cut current current losses and improve domestic petroleum goods furnish within Nigeria. Receivables from FGN represent the outstanding payments due to the Crew from the Federal Government of Nigeria. As at the reporting date, the facility has an undrawn sum of 14.4 billion.
…Says FG owing N11.2trn
The announce added that the federal government is owing N11.2trn and it is an expected loss allowance for FGN receivables.
“The Group applies the IFRS 9 entire model for measuring expected credit losses (ECL) which uses a three-stage technique in recognising the expected loss allowance for FGN receivables. The arrangements are moreover expected to facilitate practical association, engineering assist, financing discussions and evaluation of swap operating structures for the affected refinery assets.”
It added that as at the date of authorisation of the financial statements, the MoUs continue problem to continuing negotiations, functional evaluations, due diligence procedures and execution of definitive agreements.
