NASS Launches Probe into NNPCL Oil Revenues and Spending

On February 26, the National Assembly commenced an investigation into oil revenues and expenditures by the Nigerian National Petroleum Company Limited (NNPCL). The probe, convened by a joint committee comprising key lawmakers, aims to ensure accountability in the management of petroleum revenues and assess compliance with statutory remittance obligations.

The investigation will focus on the financial operations of NNPCL and its subsidiaries, including budget approvals and cost reductions as per executive orders. Lawmakers will review revenue streams, including royalties and taxes, and confirm full remittances to the federal account.

The committee will also examine the implementation of the Petroleum Industry Act, particularly concerning host community trust funds and asset management. Additionally, the investigation will scrutinize pipeline surveillance contracts and the performance of regulatory agencies.

Lawmakers have requested that NNPCL's Chief Executive Officer and Chief Accounting Officer submit comprehensive financial documents, with non-compliance potentially leading to constitutional sanctions.