According to Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, a forensic audit is presently being conducted on the Nigerian National Petroleum Company Limited (NNPCL).
This program is a component of larger federal initiatives to improve accountability and transparency in important national organizations.
Edun revealed the government is doing a thorough reconciliation of its financial records while speaking at the Nigeria Investment Forum in Washington, D.C. Making sure NNPCL boosts its contribution to Nigeria’s foreign exchange reserves through enhanced oil revenue generation is at the heart of this operation.

The finance minister emphasized that the audit will provide insight into past financial dealings and establish the scope of NNPCL’s financial commitments, particularly those associated with the now-defunct fuel subsidy scheme.
Edun said, “An NNPC audit is in progress regarding NNPC arrears, so that we can truly comprehend what has transpired in the past.”

Although President Bola Tinubu announced the end of the gasoline subsidy regime on May 29, 2023, he clarified that the removal process was gradual. He mentioned that NNPCL took on a portion of the financial load throughout the transition.

As everyone knows, the termination of the fuel subsidy was announced on May 29, 2023, but it took some time to really happen, therefore there are currently some reconciliation operations underway. Meanwhile, a portion of that load was transferred to NNPC from the government’s budget,” he clarified.

Edun asserts that the national oil corporation has filed “legitimate claims” for arrears stemming from the delay in the elimination of subsidies. He did, however, stress the necessity of a thorough analysis to verify the veracity of their assertions.

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There are two sides to it. A reconciliation is under progress,” he continued.

Looking ahead, Edun gave the NNPCL a clear mandate: increase crude oil production and produce more Federation Account revenue in dollars.

“NNPC needs to present the Federation with more oil output, more revenue, and more money in the form of dollars. That is their mandate and task. And they’ll deliver, I believe,” he said.