Tinubu approves debt write-off for NNPC, cancels $1.42bn, N5.57tn

President Bola Tinubu has approved the cancellation of a substantial portion of the Nigerian National Petroleum Company Limited, NNPCL’s outstanding debts owed to the Federation Account, effectively wiping out approximately $1.42 billion in legacy obligations. This is contained in a document by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, and presented at the November 2025

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