N9.4TN DEBT: REPS INVITE OANDO, CHEVRON, MOBIL, SHELL, OTHERS FOR INVESTIGATIVE HEARING
Nigeria’s House of Representatives, through its Committee on Public Accounts, is commencing investigative hearings aimed at addressing significant outstanding debts owed by some oil companies to the Federation Account.
The debts amount to N9.4 trillion.
House of Representatives spokesperson, Akin Rotimi, disclosed this in a statement on Sunday.
The statement noted that the investigative hearing is in compliance with the committee’s constitutional mandate under sections 85, 88, and 89 of the Constitution of the Federal Republic of Nigeria 1999 (as amended), as well as Order XX—Rule 6 of the House of Representatives Standing Orders (eleventh edition).
According to the statement, the debt covers unpaid royalties, concession rentals, and gas flare penalties, in addition to obligations arising from production sharing contracts, repayment agreements, and modified carry arrangements.
Despite the clear provisions of the Petroleum Industry Act which require such debts to be settled within 30 days many of these liabilities have remained unsettled since 2021.
The hearing is scheduled to be held from Monday to Friday, March 3rd to 7th, 2025.
