The Federal Government has initiated a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited, aimed at enhancing transparency and accountability in Nigeria’s oil and gas sector.
The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the Nigerian Investor Forum held on the sidelines of the IMF and World Bank Spring Meetings in Washington, D.C.
According to the Minister, the audit is part of broader economic reforms designed to restore investor trust and ensure better performance from the NNPC, especially in areas relating to oil production and revenue contribution.
“There’s a forensic audit of NNPC underway so that we can really understand what has happened in the past. As for now, there’s a reconciliation exercise going on,” Edun told investors.
Key Highlights:
- The audit follows recent leadership changes at NNPC, including the appointment of Bayo Ojulari as Group CEO and Ahmadu Musa Kida as Non-Executive Chairman.
- The government is currently reconciling NNPC’s payment arrears, especially those linked to the delayed removal of fuel subsidies.
- Edun emphasized that NNPC has a “legitimate claim” to some outstanding payments but stressed the importance of mutual reconciliation.
- The Minister reaffirmed NNPC’s mandate to increase crude oil output, generate more dollar revenue, and deliver greater value to the federation.
This development comes amid growing public and stakeholder demand for accountability in Nigeria’s oil industry. In late 2023, NEITI reported that NNPC owed $2 billion in unremitted taxes prior to its transition to a commercial entity an allegation the company denied.
In 2024, auditors also scrutinized NNPC’s ₦2.7 trillion fuel subsidy claim, while a January 2025 report from the Auditor-General flagged financial discrepancies.
With a vision to attract $60 billion in investments by 2030, NNPC’s new leadership is targeting crude oil production levels of 2 million barrels per day by 2027, and 3 million barrels per day by 2030.
The Federal Government says it remains committed to fostering transparency, improving operational efficiency, and rebuilding investor confidence in Nigeria’s energy sector.
