President Bola Tinubu has accepted the cancellation of a considerable portion of the Nigerian Nationwide Petroleum Firm Restricted’s excellent money owed owed to the Federation Account.
The choice was detailed in a doc by the Nigerian Upstream Petroleum Regulatory Fee and offered on the November 2025 Federation Account Allocation Committee assembly.
In keeping with the doc, it follows the suggestions of the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation, successfully wiping out roughly $1.42 billion in legacy obligations.
“The write-off covers legacy obligations as much as December 31, 2024, together with Manufacturing Sharing Contracts (PSC), Home Provide obligations, reimbursement agreements, modified carry preparations, and three way partnership/PSC royalty receivables,” the doc said.
“The choice adopted suggestions from the Stakeholder Alignment Committee and reconciliation work by the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), with corresponding accounting changes already made within the Federation Account.
“Whereas previous money owed have been largely cleared, newer 2025 obligations (Jan–Oct) stay excellent and are being actively tracked/recovered.”
In the meantime, a separate, long-running dispute over alleged under-remittance of $42.37bn between 2011 and 2017 stays unresolved, with NNPC Ltd rejecting the claims and insisting all revenues had been correctly accounted for.
In different information, NNPCL Group Chief Govt Officer, Bayo Ojulari, not too long ago reaffirmed the corporate’s dedication to peace, dialogue, and accountable vitality growth in Ogoniland, describing the Federal Authorities’s renewed engagement as an illustration of hope and a brand new starting constructed on partnership and understanding.
Ojulari disclosed this whereas talking throughout a Federal Authorities delegation’s go to to Ogoniland, in Rivers State, on Monday.
“This go to is an illustration of hope. It affirms the dedication of the Federal Authorities, below the management of President Bola Ahmed Tinubu, to peace, dialogue, and rebuilding belief. For NNPC Restricted, it marks a brand new starting—one grounded in partnership, mutual respect, and shared duty,” Ojulari said.
Whereas acknowledging the painful historical past of Ogoniland, the GCEO emphasised that recognising the previous is crucial to constructing a distinct future.
He counseled the Presidential Committee on Ogoni Re-entry, led by Professor Don Baridam, and the Nationwide Safety Adviser, Mallam Nuhu Ribadu, for his or her regular management in constructing confidence and belief.
In keeping with the Group CEO, NNPC Ltd.’s mission in Ogoniland goes past useful resource extraction, however one which locations folks, livelihoods, and the atmosphere on the centre of its operations. “We imagine wholeheartedly that vitality growth should go hand in hand with environmental safety and group wellbeing,” he stated.
Reaffirming NNPC Ltd.’s duty to host communities, the Group CEO supplied assurances on welfare, safety, and alternative.
“I’m delighted to share that one among our commitments to the folks of Ogoni is turning into a actuality. The method for the full-time employment of 30 Ogoni indigenes has reached its remaining stage, with employment presents already issued.
“We glance ahead with delight to welcoming them as they resume work in January 2026, marking a significant step towards shared progress and alternative for our communities,” he said.
