Business
NNPCL yet to remit over N6.5trn in taxes, royalties – FAAC
NNPCL yet to remit over N6.5trn in taxes, royalties -FAAC
The Nigerian National Petroleum Company Limited (NNPCL) owes the Federal Government a combined total of N6.57 trillion in unremitted royalties and taxes, according to the latest disclosure from the Federation Accounts Allocation Committee (FAAC).
The report, presented during the May 2025 FAAC meeting, breaks down the liability into N3.89 trillion in unpaid royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and another N2.52 trillion in tax arrears to the Federal Inland Revenue Service (FIRS).
FAAC’s report, titled “NNPC Ltd Payables to NUPRC, FIRS & Federation as at May 2025 FAAC”, was accessed by our correspondent on Friday. It underscores ongoing fiscal challenges in Nigeria’s oil sector, with revenue leakages persisting despite reform initiatives.
The debts, accrued between June 2023 and April 2025, also include N162.33 billion in withheld dividends.
Earlier this year, the World Bank had criticized NNPCL’s financial practices, revealing the firm remitted just N600 billion from N1.1 trillion in crude oil revenues in 2024, with the balance used to clear prior obligations.
“Despite the subsidy being fully removed in October 2024, NNPCL started transferring the revenue gains to the Federation only in January 2025. Since then, it has been remitting only 50 per cent of these gains, using the rest to offset past arrears,” the World Bank stated.
The report showed that while agencies like FIRS, NCS, and NUPRC saw an upsurge in revenue collections in 2024, NNPCL’s contributions declined sharply—from N1.1 trillion in 2023 to N600 billion in 2024—primarily due to lingering subsidy impacts.
Month-by-month analysis revealed inconsistent remittances. Royalties reached N321.99 billion in September 2023 before dropping to N127.32 billion by May 2024. The largest shortfall in a single month was recorded in August 2023, totaling over N770 billion.
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Tax debts followed a similar pattern. October 2023 saw the highest monthly liability at N173.9 billion, which dropped to N34.2 billion in January 2024. April marked a resurgence, with arrears peaking at N122.2 billion.
From July to December 2023, NUPRC royalty debts increased from N133.96 billion to N178.47 billion, while FIRS arrears declined from N173 billion to N81.8 billion. By the first quarter of 2024, royalties again surged, reaching N229.49 billion in March.
As of April 2025, NNPCL continued to carry significant obligations, with royalty dues remaining above N130 billion monthly and tax debts above N64 billion, suggesting that remittances are still far from complete.
The total debt recorded in 2023 stood at N2.03 trillion, with the Office of the Accountant General designated to manage those figures. An additional N4.537 trillion was added between January 2024 and April 2025. A carryover balance of N107.67 billion was also documented.
Monthly figures from January to December 2024 showed steady fluctuations: N208.57 billion in January, a sharp rise to N532.07 billion in March, and a slight dip to N277.41 billion in April. December ended the year with N449.36 billion in unsettled payments.
In early 2025, remittance values continued to hover at high levels—N197.05 billion in January, N234.83 billion in February, and N204.74 billion in April.
The FAAC report noted that, “The sum of N2.03tn comprising royalty of N1.19tn and Tax of N843.28bn from June to Dec 2023 is to be accounted for by the Office of the Accountant General.”
It also confirmed partial payments in 2025: “Following the engagement between the Leadership of NNPCL and the Minister of Finance and Coordinating Minister of the Economy/Chairman of FAAC, NNPC Limited remitted the 50 per cent JV Royalty & Taxes in February, March & April and May 2025 FAAC.”
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Amidst these revelations, NNPCL responded with claims of a coordinated attempt to sabotage its leadership and derail its reform agenda.
“The Nigerian National Petroleum Company Limited has uncovered an emerging coordinated sabotage campaign being waged by a syndicate of known and faceless actors, both outside and within various levels of the organisation,” the company said in a Friday morning statement.
The firm alleged a targeted misinformation campaign was being waged to distract executives and mislead the public.
“This group is actively spreading lies and misinformation to discredit NNPC Ltd.’s leadership and derail the organisation’s ongoing transformation into a corruption-free, performance-driven energy company, in line with the mandate of His Excellency, the President of the Federal Republic of Nigeria.”
NNPCL stopped short of naming individuals but insisted it would remain committed to reform, despite internal and external pushback.
Its public defense came in the wake of a Senate Committee on Public Accounts probe, which flagged financial irregularities totaling over N210 trillion in audits from 2017 to 2023.
NNPCL executives failed to appear before the committee, prompting a 10-day ultimatum to show up by July 10 or face constitutional penalties.
The Senate highlighted questionable entries, including N103 trillion in accrued expenses and another N103 trillion listed under receivables—both lacking supporting documentation.
“These are calculated efforts by those who feel threatened by reform, transparency, accountability, and change, clear evidence of the lengths to which they will go to obstruct the transformation of Nigeria’s foremost energy institution,” the company asserted.
“We expect a surge of defamatory content in the days and weeks ahead. NNPC Ltd. remains undeterred. The transformation is underway, and no amount of sabotage will stop it,” it added.
Reaffirming its alignment with President Tinubu’s call for accountability in the oil sector, NNPCL concluded,
“We urge our dedicated staff, stakeholders, and all patriotic Nigerians to stay focused, ignore the noise and not be discouraged. We remain on mission.”
NNPCL yet to remit over N6.5trn in taxes, royalties -FAAC
(PUNCH)
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Auto
X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share
X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share
Jetour Nigeria is taking its premium SUV battle to Abuja, with the seven-seater X90 Plus set to headline the Jetour Experience Abuja from September 22 to 24, as the automaker moves to capture a larger share of Nigeria’s fast-growing high-end family SUV market.
The three-day motoring showcase will give prospective buyers, families and auto enthusiasts in the Federal Capital Territory and neighbouring states an opportunity to experience the X90 Plus and other models in the Jetour range through test drives and hands-on demonstrations.
The Abuja showcase follows the success of the brand’s earlier Jetour Experience in Lagos, where strong customer interest, inquiries and sales momentum reportedly encouraged the company to take the initiative to the Federal Capital Territory.
Jetour Nigeria said growing demand from customers in Abuja and neighbouring states was a major factor behind the decision to expand the experience to the northern market.
Positioned as a full-sized family SUV, the X90 Plus is designed for executives and families seeking a combination of space, technology, performance and comfort without the price tag associated with some luxury SUVs.
The model is offered with 1.6-litre and 2.0-litre turbocharged engines paired with a seven-speed dual-clutch transmission. The powertrain produces up to 254 horsepower and 390Nm of torque.
Inside the cabin, the X90 Plus features a 12.3-inch LCD touchscreen infotainment system, panoramic sunroof, Sony premium audio system and wireless charging.
Its safety and driver-assistance features include a 360-degree panoramic camera, Forward Collision Warning, Lane Departure Warning and electronic stability systems.
Jetour’s growing profile in Nigeria has also earned the brand recognition from the Nigeria Auto Journalists Association (NAJA), which named it Fastest Growing Auto Brand, while it was also recognised as Auto Brand of the Year at the Nigeria Transport Lecture.
To support its expanding customer base, Jetour Nigeria, the sole authorised distributor, operates through seven accredited dealer partners across the country: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.
The Abuja Experience is expected to provide Jetour with another platform to engage potential customers and reinforce its position in Nigeria’s increasingly competitive SUV market.
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Business
Dangote raises petrol price 6.7% to N1,350/litre
Dangote raises petrol price 6.7% to N1,350/litre
The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS), popularly known as petrol, gantry price by 6.7 per cent, raising it from N1,265 to N1,350 per litre, with the new price taking effect from September 12, 2026.
The latest adjustment represents an N85 increase per litre and is the fourth upward review of Dangote Refinery’s petrol price since August 21, further raising concerns about the possible impact on petrol pump prices, transportation costs and the wider cost of living.
The refinery also increased its coastal price from N1,669,543 to N1,783,530 per metric tonne, representing an increase of N113,987, or about 6.8 per cent.
In a memo to customers, Dangote Petroleum Refinery announced the revised prices and directed customers with existing loading arrangements to return their Authority to Collect (ATC) documents for repricing.
The refinery said new volume contracts would subsequently be issued to allow loading to resume under the revised prices.
The latest increase means Dangote’s petrol price has risen by N185 per litre, or about 15.9 per cent, in 22 days.
The refinery had increased its gantry price from N1,165 to N1,185 per litre on August 21. It subsequently raised the price to N1,200 on August 26 and then to N1,265 on August 29, before the latest increase to N1,350.
The development comes amid renewed pressure in the international crude oil market, with Brent crude recently trading above $100 per barrel as geopolitical tensions and disruptions to oil supplies in the Middle East continue to affect global energy markets.
The pressure on global fuel markets is also being felt by refiners and petroleum traders as disruptions to Middle Eastern refining capacity and shipping routes create concerns over the availability of crude and refined petroleum products.
Dangote Refinery’s management recently said global fuel shortages could persist beyond the current Iran conflict because of damage to refining infrastructure, high refinery utilisation rates and the need to rebuild fuel inventories.
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For Nigeria, the increase comes as the downstream petroleum market continues to operate under deregulation, meaning petrol prices are largely determined by market conditions rather than a fixed government-controlled price.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently identified crude oil sourcing, refinery delivery timelines, imported cargoes, transportation, logistics and taxes among the factors influencing movements in petrol prices.
NMDPRA Head of Public Affairs George Ene-Ita said petrol prices are fully deregulated and therefore exposed to fluctuations across the supply chain.
Consequently, the new Dangote price does not necessarily mean motorists across Nigeria will immediately pay exactly N1,350 per litre at filling stations.
The price consumers pay will depend on the cost at which individual marketers obtain their supplies, transportation and distribution expenses, depot charges, operating costs, location, competition and profit margins.
However, the increase in the refinery’s gantry price is expected to put additional pressure on marketers who source petrol from Dangote Refinery, particularly as they replenish existing stocks.
Recent reports indicate that petrol prices in several parts of the country had already moved higher, with pump prices in some locations reaching the N1,310-N1,350 per litre range before the latest Dangote adjustment.
The latest price review could therefore trigger another round of adjustments by petroleum marketers, especially if the higher wholesale acquisition cost persists.
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The development is also significant because Dangote Refinery has become an increasingly important source of locally refined petrol as Nigeria seeks to reduce its dependence on imported petroleum products.
The refinery has secured at least 16 million barrels of Nigerian crude for October delivery, equivalent to roughly 520,000 barrels per day, according to Reuters. The purchases represent a substantial portion of the refinery’s current 700,000-barrel-per-day capacity and underline its growing role in Nigeria’s domestic fuel supply.
Despite the increase in petrol prices, Dangote Refinery is pursuing plans to expand its capacity significantly. The company announced a $14.3 billion expansion programme that is expected to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.
The refinery is also preparing for a major initial public offering (IPO) aimed at raising about N2.15 trillion, with the offer scheduled to run from September 14 to October 13.
For consumers and businesses, the immediate concern remains the potential effect of the latest petrol price increase on transportation, logistics and the cost of goods and services.
Petrol remains a major input for transportation and commercial activities in Nigeria. Any sustained increase in its price can raise the cost of moving people and goods and increase operating expenses for businesses that depend on petrol-powered vehicles and equipment.
The extent of the impact of the new N1,350 per litre Dangote petrol price, however, will depend on how marketers respond and whether international crude prices remain elevated.
For now, the latest adjustment establishes a higher wholesale benchmark for customers buying petrol from Dangote Refinery, while the retail market is expected to respond according to prevailing supply, distribution and competitive conditions.
Dangote raises petrol price 6.7% to N1,350/litre
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Auto
Jetour Takes Award-Winning Dashing, Other SUVs to Abuja
Jetour Takes Award-Winning Dashing, Other SUVs to Abuja
Motorists in Abuja are set for a close encounter with Jetour’s award-winning Dashing and other models as Jetour Nigeria moves to deepen its foothold in the nation’s capital with the Jetour Experience Abuja, beginning September 22.
The three-day motoring event, which runs until September 24, is expected to draw prospective buyers and automobile enthusiasts to a hands-on experience featuring test drives, product demonstrations and direct engagement with Jetour’s seven authorised dealers and product specialists.
The participating dealer network comprises Elizade Nigeria Limited, Kojo Motors, Mandilas Autos, Germaine Auto Centre, R.T. Briscoe, Tab Autos and New Era Auto Vehicle Services Limited.
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The Abuja Experience follows the success of the Lagos edition, which attracted thousands of visitors for test drives and direct engagement with product specialists. According to the organisers, strong demand and inquiries from motorists in Abuja and neighbouring states prompted the expansion of the event to the Federal Capital Territory.
The Dashing has gained attention in Nigeria’s competitive compact SUV segment for its combination of modern styling, technology, performance and competitive pricing.
The SUV is available with 1.5-litre and 1.6-litre turbocharged engines, producing up to 145kW of power and 290Nm of torque, paired with six- or seven-speed dual-clutch transmissions.
Its features include a 15.6-inch central touchscreen infotainment system, panoramic sunroof, wireless charging and smartphone integration.
For safety, the vehicle comes with a 360-degree surround-view camera, automatic emergency braking, lane departure warning, blind-spot detection and multiple airbags.
Beyond vehicle sales, the authorised dealers provide warranty, genuine spare parts and after-sales support to Jetour customers across their respective locations.
The Abuja Experience is expected to strengthen customer engagement and give motorists in the FCT a closer look at Jetour’s growing range of vehicles, while further expanding the brand’s footprint in the northern market.
Jetour Takes Award-Winning Dashing, Other SUVs to Abuja
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