The House of Representatives Public Accounts Committee has commenced an investigation into N432.07 billion in outstanding debts owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority by the Nigerian National Petroleum Company Limited and oil companies.
The investigation follows findings in the Auditor-General’s annual audit reports on unpaid regulatory and petroleum-related obligations.
According to the 2023 audit report, NNPCL and oil companies owed NMDPRA N392.73 billion. NNPCL accounted for N162.46 billion, while oil companies owed N230.27 billion.
The Auditor-General’s 2024 report put the outstanding debt at N432.07 billion, excluding NNPCL’s liability.
Further submissions to the committee showed that 146 oil companies owed NMDPRA N327.53 billion as of 2025, with the outstanding obligations covering the period from 2017 to 2023.
Committee Chairman, Bamidele Salam, says the panel will scrutinise the records to establish the basis of the debts, payments made and outstanding balances, as well as measures taken to recover the funds.
Salam says the probe is aimed at protecting public revenue and ensuring that all statutory obligations owed to government are properly accounted for.
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