This is according to the latest report from the Public Interest and Accountability Committee (PIAC), which has raised fresh concerns over the sustainability of the state-owned oil firm.

PIAC, in its 2021 annual report, revealed that GNPC was unable to recover $126.68 million in budgeted revenue from loans and guarantees – part of a cumulative $318.09 million owed by the government and its agencies since 2011.

PIAC had then urged GNPC to intensify efforts to recover these outstanding amounts in order to safeguard the implementation of its work programme.

It also advised the Corporation to discontinue the issuance of new loans and guarantees until significant repayments were made.

Despite this, PIAC’s latest report shows that government indebtedness to GNPC has surged to $1.25 billion as of the end of December 2024.

It is driven by additional disbursements and guarantees made by the Corporation.

The Committee has expressed strong disapproval of the government’s continued reliance on GNPC for financing, and has once again called for urgent repayment of outstanding debts to preserve the Corporation’s financial viability.