The House of Representatives Public Accounts Committee has launched an investigation into a $1.6 billion debt owed to the Federal Government by the Nigerian National Petroleum Company Limited (NNPCL) and several oil firms.
The probe, led by the sub-committee Chairman, Akinlade Isiaq, follows concerns raised by the Office of the Auditor-General for the Federation about outstanding payments due to the Nigerian Upstream Petroleum Regulatory Commission. These debts, which date back to 2021, are linked to royalties under the Production Sharing Contract, Repayment Agreement, and Modified Carry Arrangement.
NNPCL Defends Itself
Responding to the investigation, NNPCL’s Group Chief Executive Officer, Mele Kyari, represented by Chief Financial Officer, Dapo Segun, explained that part of the disputed funds had been used for government projects and fuel subsidies.
“Once the reconciliation is completed, we will submit the necessary reports to the appropriate authorities,” he assured.
The sub-committee, however, insists on getting a clear picture of the financial situation as of December 2024. The lawmakers are determined to recover the money and ensure accountability in the oil sector.
House of Reps Vows Transparency
Chairman Akinlade Isiaq emphasised the importance of the probe, stating, “This investigation is crucial in making sure Nigeria’s oil resources are properly managed. We will take every necessary step to recover these funds for the benefit of Nigerians.”