The House of Representatives has launched an inquiry into outstanding debts amounting to ₦9.4 trillion, allegedly owed to the Federation Account by several oil companies. The probe, spearheaded by the Public Accounts Committee, is aimed at ensuring financial accountability within Nigeria’s petroleum sector.
According to findings from the Auditor-General’s 2021 Financial Report, the debts stem from unpaid royalties, concession rentals, gas flare penalties, and Production Sharing Contract obligations, many of which remain unsettled despite the stipulations of the Petroleum Industry Act.
The Public Accounts Committee, chaired by Rep. Bamidele Salam, has summoned over 40 oil companies to appear before lawmakers at the National Assembly in Abuja, beginning Monday, March 3, 2025.
The affected companies have been directed to present detailed financial records and explanations regarding their outstanding liabilities. The House has also warned that failure to comply with the summons could lead to severe repercussions.
This development marks a renewed push by the legislature to enforce financial discipline in Nigeria’s oil sector, ensuring that all revenues due to the nation are properly accounted for.
