Reps Begin Probe Into N432bn Oil Revenue Debt

The House of Representatives Public Accounts Committee has opened an investigation into oil revenue debts owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Channels Television and Vanguard reported that the liabilities involve the Nigerian National Petroleum Company Limited and oil companies, with the outstanding amount put at about N432 billion.

The probe follows findings in the Auditor-General’s annual audit reports on unpaid regulatory and petroleum-related obligations. Channels reported that the 2023 audit put NNPCL’s debt at over N162 billion and oil companies’ debt at about N230 billion, bringing the combined figure to roughly N393 billion before later adjustments pushed the liability higher.

Vanguard reported that the House committee is looking at debts tied to balancing allowance, national transport average payments, the one per cent Midstream and Downstream Gas Infrastructure Fund, and legacy import, coastal and credit transactions.

The companies named in the reports include operators under DAPPMAN, MOMAN and MEMAN. The committee is expected to examine how the liabilities built up and what has been recovered.

Sources: Channels Television, Vanguard