The House of Representatives has begun investigating ₦432 billion allegedly owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority by oil companies and other petroleum-sector entities.
The investigation is being conducted by the House Public Accounts Committee following findings contained in the Auditor-General’s annual audit reports on outstanding petroleum-related obligations.
The Auditor-General’s 2023 report put the combined debt owed by the Nigerian National Petroleum Company Limited and oil companies at ₦392 billion. NNPCL accounted for more than ₦162 billion, while oil companies owed over ₦230 billion.
However, submissions by the regulatory authority showed that 146 oil companies owed more than ₦327 billion as of 2025.
The debts, which reportedly accumulated between 2017 and 2023, include regulatory charges and obligations as well as legacy debts linked to petroleum imports, coastal transactions and credit arrangements.
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Chairman of the committee, Bamidele Salam, says lawmakers will examine how the debts accumulated, payments already made, outstanding balances and efforts by relevant authorities to recover the funds.
Salam also warned companies summoned by the committee to honour the invitations and provide all relevant documents.
He says the investigation is aimed at protecting public revenue and ensuring that funds owed to the Federal Government are properly accounted for.
