Senate investigates ₦8.4tn withheld by NNPCL, ₦3.6tn unremitted taxes
The Senate on Tuesday resolved to investigate the Nigerian National Petroleum Company Limited (NNPCL) over the alleged withholding of ₦8.4 trillion, which it claims was spent on subsidies for petroleum products.
Additionally, the Senate will probe the NNPCL for failing to remit ₦3.6 trillion in taxes to the federation account.
Last week, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) presented evidence to the Joint Senate Committees on Finance, National Planning, and Economic Affairs, alleging that the NNPCL withheld ₦8.4 trillion as “claimed subsidies on petrol.” Furthermore, a report by the Nigeria Extractive Industry Transparency Initiative (NEITI) accused the company of failing to remit ₦3.6 trillion in taxes.
During Tuesday’s plenary, the Senate determined that the NNPCL must be investigated to clarify the whereabouts of the ₦8.4 trillion and the unremitted taxes, given the government’s need to secure funding for its ₦47.9 trillion budget for the 2025 fiscal year.
Presided over by Senate President Godswill Akpabio, the plenary directed the Joint Senate Committees on Finance, Petroleum Upstream, and Petroleum Downstream to conduct the investigation.
The committees were also tasked with verifying the total cumulative amount of unremitted revenue from the sale of Premium Motor Spirit (PMS) by the NNPCL between 2020 and 2023.
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