Reps Investigate ₦432bn Debt by NNPCL and Oil Firms

The House of Representatives has initiated an investigation into debts exceeding ₦432 billion allegedly owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) by the Nigerian National Petroleum Company Limited (NNPCL) and several oil companies. This investigation is being conducted by the House Public Accounts Committee (PAC), chaired by Representative Bamidele Salam, following findings from the Auditor-General of the Federation’s reports on unpaid petroleum obligations.

The committee aims to examine the records related to these outstanding liabilities, determine how the debts were accrued, and assess the payments made. The current figure under review is ₦432,072,557,867.17.

The committee plans to summon affected companies and relevant government officials for documentation. The investigation arises from concerns in the Auditor-General’s annual audit reports, which previously indicated that NNPCL owed ₦162,456,750,832.47, while other companies owed ₦230,268,790,205.77.

The debts are linked to various regulatory obligations, including the Balancing Allowance and the Midstream and Downstream Gas Infrastructure Fund.