Reps Begin Investigation Into ₦432bn Oil Revenue Debt

The House of Representatives Public Accounts Committee has commenced an investigation into the outstanding indebtedness of oil companies and the Nigerian National Petroleum Company Limited (NNPCL) to the Nigerian Midstream and Downstream Petroleum Regulatory Authority amounting to 432 billion naira.

The investigation follows findings contained in the Auditor-General’s annual audit reports on the indebtedness arising from various regulatory and petroleum-related obligations.

The report indicated that the debt comprised obligations arising from Balancing Allowance, National Transport Average, Midstream and Downstream Gas Infrastructure Fund, as well as legacy debts associated with imports, coastal and credit transactions.

Chairman of the Committee, Bamidele Salam, said the Committee would ensure that all relevant entities account for their obligations and provide the necessary records to enable Parliament to establish the circumstances surrounding the outstanding debts.

Salam stressed that companies and institutions summoned by the Committee must accord the National Assembly the respect it deserves by responding appropriately to parliamentary invitations.