The House of Representatives Public Accounts Committee (PAC) has commenced an investigation into the indebtedness of the Nigerian National Petroleum Company Limited (NNPCL) and oil companies to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The investigation follows findings in the Auditor-General’s annual reports on outstanding liabilities arising from various regulatory and petroleum-related obligations.
The Chairman of the committee, Hon. Bamidele Salam, disclosed this in a statement on Wednesday, saying the investigation was aimed at establishing the circumstances surrounding the debts and ensuring accountability in the management of public revenue.
According to the Auditor-General’s 2023 Annual Audit Report, NNPCL and oil companies operating under the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Major Marketers Association of Nigeria (MOMAN) and Major Energy Marketers Association of Nigeria (MEMAN) owed NMDPRA ₦392,725,541,038.24.
The report said the liabilities comprised obligations arising from Balancing Allowance, Nationa Transport Average, the one per cent Midstream and Downstream Gas Infrastructure Fund, as well as legacy debts associated with imports, coastal and credit transactions.
A breakdown of the figures showed that NNPCL owed ₦162,456,750,832.47, while the oil companies owed ₦230,268,790,205.77.
However, the Auditor-General’s 2024 report indicated that the outstanding debt had risen to ₦432,072,557,867.17, excluding NNPCL’s indebtedness.
Additional submissions by NMDPRA to the committee showed that 146 oil companies operating under DAPPMAN, MEMAN and MOMAN owed the Authority
₦327,525,987,255.67 as of 2025.
The committee noted that the liabilities covered the period from 2017 to 2023 and had largely remained unpaid as of the date of the review.
Salam said the committee would scrutinise the relevant records, including the basis of the outstanding liabilities, the period covered, payments made, amounts still outstanding and the actions taken by the regulatory authorities to recover the debts.
He stressed that all companies and institutions summoned by the committee must respect the National Assembly by responding appropriately to parliamentary invitations and providing the necessary documents.
He said, “Any company invited by this committee must respect the people’s Parliament of the Federal Republic of Nigeria by honouring the summons with appropriate representation and all relevant documents.
“We are not here to witch-hunt anybody; our responsibility is to establish the facts, protect public revenue and ensure that every naira due to government is properly accounted for.”
The chairman assured that the investigation would ensure that all relevant entities account for their obligations and provide the records needed to enable Parliament to establish the circumstances surrounding the outstanding debts.
He added that the probe was also aimed at strengthening accountability in the management of public revenue and ensuring that statutory obligations owed to government agencies did not accumulate without appropriate recovery measures.
The PAC reaffirmed its commitment to exercising its constitutional oversight mandate by ensuring that public revenue is properly accounted for and that government agencies take appropriate steps to recover outstanding liabilities.
