The House of Representatives Public Accounts Committee (PAC) has commenced an investigation into outstanding debts owed by oil companies and the Nigerian National Petroleum Company Limited (NNPCL) to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), with the liabilities put at about ₦432 billion.
The probe follows findings contained in the Auditor-General’s annual audit reports on unpaid regulatory and petroleum-related obligations.
According to the Auditor-General’s 2023 Annual Audit Report, the 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 the NMDPRA more than ₦392 billion.
The report said the outstanding obligations arose from Balancing Allowance, National Transport Average, the 1 per cent Midstream and Downstream Gas Infrastructure Fund, as well as legacy debts linked to imports, coastal and credit transactions.
A breakdown of the 2023 figures showed that NNPCL owed more than ₦162 billion, while the affected oil companies were indebted to the Authority by about ₦230 billion, bringing the combined liability to approximately ₦393 billion.
However, the Auditor-General’s 2024 report showed that the outstanding debt had risen to ₦432 billion, excluding NNPCL’s indebtedness.
Further submissions by the NMDPRA to the Public Accounts Committee indicated that 146 oil companies operating under DAPPMAN, MEMAN and MOMAN owed the Authority ₦327 billion as of 2025.
The Committee noted that the debts covered obligations incurred between 2017 and 2023 and had largely remained unpaid as of the time of its review.
Chairman of the Committee, Rep. Bamidele Salam, said the panel would ensure that all relevant entities account for their obligations and provide the records required to enable Parliament to determine the circumstances surrounding the outstanding debts.
Salam also urged companies and institutions summoned by the Committee to respect the authority of the National Assembly by responding appropriately to parliamentary invitations.
“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,” he said.
The chairman said the Committee would examine relevant records, including the basis of the outstanding liabilities, the periods covered, payments made, amounts still outstanding and steps taken by regulatory authorities to recover the debts.
He said the investigation was aimed at strengthening accountability in the management of public revenue and ensuring that statutory obligations owed to government agencies did not continue to accumulate without effective 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.
