A renewed clash has emerged between the Nigerian National Petroleum Company Limited and Periscope Consulting, the audit firm hired by the Nigeria Governors’ Forum to examine an alleged under remittance of oil revenue.
The dispute, revived by fresh submissions from both sides forced the Federation Account Allocation Committee to mandate a joint reconciliation session to determine the true state of remittances and resolve the long-running impasse.
This was revealed in the Federation Account Allocation Committee’s post-mortem review for November 2025, which detailed fresh exchanges between both parties over the alleged unremitted fund.
According to examined allegations, NNPC Limited failed to remit $42.37bn (about N12.9tn) in oil revenue to the Federation Account during the 2011–2017 period.
However, the national oil company maintained that all crude oil proceeds and associated earnings were fully accounted for, disputing Periscope’s claims of significant underpayment.
The controversy marks the latest chapter in a prolonged dispute between state governments and the national oil company over transparency in oil revenue flows.
News edited by Favour Owonibi