The Resource Centre for Human Rights & Civic Education (CHRICED) has condemned the Federal Government’s approval of a massive debt waiver for the Nigerian National Petroleum Company Limited (NNPC Ltd), amounting to $1.42 billion and N5.57 trillion owed to the Federation Account.
It sought immediate public disclosure of the full reconciliation report and justification for the debt waiver, including the roles of all officials involved.
The group also advocated the need for an independent forensic audit of NNPC’s historical and current financial obligations, with findings made public.
There must be legislative intervention by the National Assembly—especially its petroleum, finance, and public accounts committees—to investigate the circumstances surrounding the cancellation, it said.
It also sought comprehensive accountability that includes civil servants, regulators, and private sector collaborators—not just token prosecutions of a few political figures.
Whistleblowers and petitioners, must be protected, ensuring that investigations are not quietly buried.
It added:”The government cannot demand fiscal discipline from citizens while secretly forgiving trillions owed by powerful institutions. True reform in the oil sector requires transparency, accountability, and justice—not accounting gimmicks or politically motivated write-offs.
“Until those who looted, enabled, or concealed these financial crimes are held accountable, decisions like this will only deepen public distrust and reinforce the perception that Nigeria operates a system where impunity is rewarded and accountability is optional.”
The unprecedented write-off—executed through executive fiat, without public scrutiny, legislative approval, or accountability for those responsible—represents a grave assault on transparency, fiscal discipline, and constitutional governance, the group said in a statement.
Comrade Dr. Ibrahim M. Zikirullahi
Executive Director, CHRICED quoted in the statement that the Federal Government’s decision to cancel 96% of NNPC’s dollar-denominated debts and 88% of its Naira-denominated obligations effectively deprives the Federation Account of revenues meant to be shared among the federal, state, and local governments.
According to the statement, the fiscal giveaway comes at a time when the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is underperforming its 2025 revenue target by over N5.65 trillion cumulatively.
NUPRC, in November 2025 alone, recorded a N544.76 billion revenue shortfall, including a N538.92 billion gap in royalty collections, it said.
It reasoned that writing off trillions of naira in receivables amid such alarming revenue deficits is not only irresponsible , it also contradicts the government’s repeated claims of plugging leakages and strengthening public finance management.
CHRICED expressed disgust that the debt cancellation was carried out without a transparent, independent forensic audit, public debate in the National Assembly and identifying or sanctioning officials responsible for the liabilities
It added:”This continues a long-standing pattern in Nigeria’s oil sector where institutions are shielded while individuals who perpetrate or enable corruption escape justice.”
