Abuja, Dec. 29, 2025 – The federal government has cancelled $1.42 billion debts owed by NNPC Ltd to the Federation Account after a reconciliation exercise.
The cancelled debts also included some naira-denominated debts amounting to N5.57 trillion.
The debt cancellation followed a reconciliation of records between the NNPC and the Federation Allocation Committee.
The Nigeria Upstream Regulatory Commission (NUPRC) announced the debt cancellation after a meeting with the Federation Account Allocation Committee on November 18, 2025.
The NUPRC document, “Report of October 2025 Revenue Collection Presented at the Federation Account Allocation Committee Meeting Held on Nov.18, 2025, put the NNPC’s total outstanding liabilities to the federation at about $1.48 billion and ₦6.33 trillion.
NUPRC said the cancelled debts represented 96 % of the total dollar-denominated debts and 88 % of the naira‑denominated obligations.
