House Committee Investigates N432bn Oil Debt in Nigeria

The Public Accounts Committee of the House of Representatives has commenced an investigation into the outstanding indebtedness of oil companies and the Nigerian National Petroleum Company Limited (NNPCL) to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), amounting to N432 billion. This investigation was prompted by the Auditor-General’s 2023 Annual Audit Report, which revealed that the NNPCL and oil companies under the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Major Marketers Association of Nigeria (MOMAN), and Major Energy Marketers Association of Nigeria (MEMAN) owe more than ₦392 billion to NMDPRA.

Bamidele Salam, the Chairman of the Committee, stated that the committee would ensure all relevant entities account for their obligations and provide necessary records. There is skepticism regarding the effectiveness of such probes, as previous investigations by the National Assembly have often resulted in no tangible outcomes, leading to concerns about wasted resources and lack of political will to enforce recommendations.