This includes 15 billion (milliarder) dollar that the nation's auditor general (rigsrevision) last week said the Nigerian National Petroleum Corporation (NNPC) failed to pay in 2014 alone.
Oil revenue accounts for roughly two-thirds of the government's funding, BBC online reports Tuesday.
President Muhammadu Buhari has promised to crack down on corruption since coming to office last May.
Under the current set-up, the NNPC hands over its oil revenue and money is then paid back based on a budget approved by parliament.
The state oil giant has been mired in corruption allegations and losing money for many years. Last month, the government announced that the NNPC would be broken up into seven different companies.
Nigeria is Africa's biggest oil producer, but the economy has suffered because of the recent decline in the price of oil, BBC notes.
