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FG Cancels $1.42bn, N5.57tn NNPC debt

Boluwatife Ajayi — Mon, 29 Dec 2025 09:07:56 +0000

President Bola Tinubu has approved the cancellation of a substantial portion of the debts owed by the Nigerian National Petroleum Company Limited to the Federation Account, wiping off about $1.42bn and N5.57tn after a reconciliation of records between both parties.

The report, titled “Report of October 2025 Revenue Collection Presented at the Federation Account Allocation Committee Meeting Held on 18th November 2025,” was contained in a document prepared by the Nigerian Upstream Petroleum Regulatory Commission and presented at the November meeting of the Federation Account Allocation Committee.

In the section headed “Recovery from NNPC Ltd Outstanding Obligations,” the commission said the debts earlier reported at the October 2025 FAAC meeting stood at “$1,480,610,652.58 and N6,332,884,316,237.13 for PSC, DSDP, RA & MCA Liftings and JV & PSC Royalty Receivables respectively.”

It disclosed that the Presidency had now approved that most of those balances be removed from the Federation’s books.

The document stated, “However, the commission recently received a Presidential Approval to nil off the outstanding obligations of NNPC Ltd as at 31st December 2024 as submitted by the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation.”

Providing a breakdown of the affected balances, the NUPRC added, “Consequently, out of $1,480,610,652.58 and N6,332,884,316,237.13, the affected outstanding obligations that have been nil off are $1,421,727,723.00 N5,573,895,769,388.45. The commission has passed the appropriate accounting entries as approved.”

An analysis of the figures shows that the presidential directive wiped out about 96 per cent of the dollar-denominated debt and about 88 per cent of the naira-denominated obligations previously reported as outstanding.

The document indicates that the approval followed the recommendations of the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation, which reviewed the company’s royalty and lifting-related liabilities up to December 31, 2024.

Despite the cancellation of the legacy balances, fresh debts built up in 2025 remain. In a separate section titled “NNPC Ltd Outstanding Obligations,” the regulator disclosed that statutory obligations arising between January and October 2025 still stood at “$56,808,752.32 and N1,021,550,672,578.87 for PSC & MCA Liftings and JV Royalty Receivables respectively.”

The commission added that part of the dollar component was recovered in the month under review, stating: “However, the commission received $55,003,997.00 in the month under review from the outstanding, leaving a balance of $1,804,755.32 and N1,021,550,672,578.87. The amount of $55,003,997.00 received is part of the total collection reported above for sharing by the Federation this month.”

The NUPRC confirmed that it had already implemented the directive in the Federation Account, noting that “the Commission has passed the appropriate accounting entries as approved.”

The approval effectively resolves long-running disputes over NNPC’s legacy indebtedness to the Federation, while current liabilities from ongoing operations continue to be tracked for future recovery.

However, the debt cancellation comes at a time when the commission is struggling to meet its revenue projections for the year. Data from the NUPRC document showed that against a 2025 approved monthly revenue target of N1.204tn, the commission recorded N660.04bn as actual collection for November 2025, leaving a shortfall of N544.76bn for the month.

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NNPC Confirms Explosion on Escravos-Lagos Gas Pipeline

Boluwatife Ajayi — Fri, 12 Dec 2025 10:34:25 +0000

The Nigerian National Petroleum Company Limited (NNPC) has confirmed an explosion on the Escravos-Lagos Pipeline near the Tebijor, Okpele, and Ikpopo communities in Gbaramatu Kingdom, Delta State, raising renewed safety concerns.

According to the company’s Chief Corporate Communications Officer, Andy Odeh, a sudden pressure drop on the line indicated a loss of containment on a pipeline operated by the NNPC Gas Infrastructure Company.

The cause of the explosion has not yet been determined, but a detailed investigation is underway.

NNPC said its immediate priority is ensuring the safety of residents and preventing further environmental impact.

NNPC, NUPRC, NMDPRA Shut As PENGASSAN Begins Strike

Afinju FM — Mon, 29 Sep 2025 09:43:32 +0000

The strike, which followed the weekend directive by the union’s National Executive Council, prompted members across the country to withdraw their services, effectively shutting down critical agencies that drive Nigeria’s oil and gas industry.

According to journalists, the main gate was firmly locked, leaving several employees stranded outside the premises. Security operatives on duty confirmed that no staff were allowed entry, in line with the strike directive issued by the union.

Similarly, activities at the NMDPRA headquarters in the busy Central Business District were completely grounded as workers fully complied with the industrial action.

Confirming the situation to journalists, the PENGASSAN Chairman in NMDPRA, Tony Iziogba, said that the union had achieved “100 per cent compliance,” effectively restricting access to staff and visitors, adding that his colleagues had also enforced 100 per cent compliance at the NNPCL and other relevant agencies.

PENGASSAN said the strike became inevitable after the alleged wrongful dismissal of about 800 workers at the Dangote Petroleum Refinery.

Source: Punch

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NNPCL increases fuel price

Afinju FM — Mon, 04 Aug 2025 17:09:09 +0000

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

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NNPC rules out Port Harcourt refinery sale

Afinju FM — Wed, 30 Jul 2025 14:24:03 +0000

The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.

‎Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPC Towers in Abuja, ending weeks of speculation over the future of the country’s most prominent state-owned refining asset.

‎A statement by the company management on Wednesday read, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.”

‎He described selling the Port Harcourt Refining Company as “ill-advised and sub-commercial.”

‎Ojulari’s remarks come amid rising public concern sparked by his earlier comments at the 2025 OPEC Seminar in Vienna, where he said “all options are on the table” regarding the future of Nigeria’s refineries.

The statement triggered a wave of speculation that a sale might be imminent.

‎He stated that the new position of the firm isn’t a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.

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NNPCL reduces fuel price

Afinju FM — Wed, 23 Jul 2025 12:38:18 +0000

It was observed that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.

This represents an N5 per litre downward price review when compared to its earlier N895 pump price.

NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.

The latest adjustment comes barely a week after the company implemented a retail price slash.

While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.

The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told newsmen earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.

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NNPC announces Port Harcourt refinery shutdown

Afinju FM — Sat, 24 May 2025 11:42:10 +0000

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that a scheduled maintenance shutdown of the Port Harcourt Refining Company (PHRC) is scheduled to commence on May 24, 2025.

In a statement released by the Chief Corporate Communications Officer, Femi Soneye, the NNPC said the shutdown is part of a planned maintenance and sustainability assessment aimed at ensuring optimal performance of the facility.

Soneye added that the company is working with relevant stakeholders to ensure efficiency and transparency during the exercise.

The company added that further updates will be provided regularly through official channels, including its website, media platforms, and public statements.

This is not the first time the refinery has been shut down. It suffered a similar fate in December 2024, shortly after operations resumed following a $1.5 billion rehabilitation.

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No explosion at Port Harcourt refinery – NNPC

Afinju FM — Wed, 19 Mar 2025 18:14:14 +0000

The Nigerian National Petroleum Company Limited has dismissed the report of an explosion at the Port Harcourt Refining Company in Rivers State, describing the incident as a minor flare event that posed no threat.

NNPC Chief Corporate Communications Officer, Olufemi Soneye,in a statement ,clarified that there was no explosion at the facility and that the situation had been brought under control.

According to him, what occurred was a routine flare incident, which has since been fully contained. There is no risk to staff, surrounding communities, or the environment,

NNPC however urged the public to disregard every misinformation about an explosion at the refinery, emphasizing that operations remained unaffected.

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Petrol price reduction imminent as IPMAN, Dangote agree on direct fuel sale

Afinju FM — Tue, 12 Nov 2024 06:51:56 +0000

The National Secretary of the Independent Petroleum Marketers Association of Nigeria, James Tor, disclosed this in an interview.

His statement comes after IPMAN National President, Abubakar Maigandi, announced that Dangote Refinery has agreed to sell petrol directly to its members.

The agreement between IPMAN and the 650,000 barrels per day Dangote Refinery brings an end to the middleman posture played by the Nigerian National Petroleum Company Limited on the inaugural lifting of Dangote Petrol on September 16, 2024.

Similarly, reports say the direct sale agreement means that petrol marketers have dumped imported fuel for Dangote petrol.

Speaking on the impact of the direct purchase agreement between IPMAN and Dangote Refinery, Tor explained that Nigerians will experience a drastic reduction in the price of petrol and a boost in the products’ availability nationwide.

According to him, the agreement would make the pump price of petrol at Independent marketers’ retail outlets drop below N1,150 per litre.

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NNPC releases another estimated petrol price breakdown

Afinju FM — Mon, 16 Sep 2024 20:43:48 +0000

It was reported that in a statement, the NNPC gave a chart breakdown of the refined petrol product it bought from the refinery.

The nation’s oil firm stated that it is paying the Dangote refinery in United States dollars for the September 2024 petrol offtake, adding that Naira transactions will only commence on October 1st, 2024.

While the data of the estimated price to be sold around the country remains the same, the analysis of the transaction it had with Dangote Refinery was altered.

While the first press statement had a Nigerian Midstream and Downstream Petroleum Regulatory Authority fee of ₦8.99, the second statement showed ₦4.495.

The first statement had an inspection fee of ₦0.97, a margin fee of ₦26.48 and a distribution fee of ₦15.

In the second statement, there were no inspection and margin fees, while the distribution fee was changed to ₦42.45.

The second statement also had an additional Midstream and Gas Infrastructure Fund fee of ₦4.495.

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