NNPC 2025 financial report flags fuel subsidy accounting concerns

The Nigerian National Petroleum Corporation (NNPC) released its 2025 annual financial report, audited by PwC, which asserts a true and fair view. However, the commentary by Uddin Ifeanyi raises questions about how fuel subsidy costs are accounted for, suggesting potential fiscal opacity. This matters because NNPC's financials are central to Nigeria's energy sector stability and government revenue, and any accounting discrepancies could signal broader fiscal risks.