Despite the claims by the Nigeria Extractive Industries Transparency Initiative (NEITI) that the defunct Nigeria National Petroleum Corporation (NNPC) did not remit $1.9bn to the federation account in 2021 before transitioning to a commercial venture, the federal government has the biggest indebtedness to the national oil company with about N4.1trn ($9.74bn) for subsidy payment.
NEITI had last Monday disclosed in its 2021 oil and gas report unveiled in Abuja that NNPC failed to remit $1.9bn to the Federation Account Allocation Committee (FAAC) before the transition.
