NNPCL allocated N235.6bn to frontier oil exploration in seven months, outpacing host community funds despite criticisms.
The Nigerian National Petroleum Company Limited (NNPCL) has deducted N235.6 billion from the Frontier Exploration Fund (FEF) between January and July 2025, in line with the Petroleum Industry Act (PIA), company records show.
The deductions, representing 30 per cent of Profit Sharing Contract (PSC) proceeds, were directed towards oil exploration in frontier basins including the Chad Basin, Benue Trough, and Kolmani field in Bauchi and Gombe states.
NNPCL’s Group Chief Executive Officer, Bayo Ojulari, said exploration in the North remained a top priority. “The government is on track with prospects for oil in the North,” he told BBC Hausa Service.
While over $3 billion has been spent on northern exploration in two decades, critics highlight transparency and environmental concerns.
By comparison, host communities in the Niger Delta received N328.2 billion over four years from their statutory allocation, while the FEF received nearly the same amount in just seven months.