The bank noted that NNPCL delayed transferring revenue gains to the Federation Accounts Allocation Committee (FAAC) until January 2025 — and has since remitted only half of the expected funds.
The World Bank has raised concerns over the Nigerian National Petroleum Company Limited’s (NNPCL) poor remittance performance despite the removal of fuel subsidies in October 2024.
In its Nigeria Development Update released Monday, the bank noted that NNPCL delayed transferring revenue gains to the Federation Accounts Allocation Committee (FAAC) until January 2025 — and has since remitted only half of the expected funds.
“Since then, it has been remitting only 50 percent of these gains, using the rest to offset past arrears,” the report stated.
It called for a forensic audit and “improved transparency in accounting for oil revenues.” The Bank said full remittance of gains was critical, noting FGN revenues for 2025 are projected to be 70% oil-dependent.
The update also showed a ₦200 billion drop in FAAC allocations from NNPCL between 2023 and 2024.
Meanwhile, protesters in London on Monday demanded the deportation of former NNPCL boss Mele Kyari over alleged financial misconduct.
READ MORE AT SAHARA REPORTERS.