The Home of Representatives has disclosed that seven main operators in Nigeria’s oil and fuel business have undertaken to remit a complete of $37,435,094.52 (roughly N58 billion) to the Federation Account earlier than August 2025, acknowledging their excellent debt.
This was revealed in a press release signed by Rep. Akin Rotimi Jr., Spokesman, Home of Representatives, on Sunday, as a part of the continued investigation into the oil and fuel sector by the Public Accounts Committee of the Home of Representatives.
Nairametrics beforehand reported that the Home of Representatives had summoned 48 oil firms working in Nigeria to seem earlier than its Committee on Public Accounts for a collection of investigative hearings right into a mixed debt of N9.4 trillion.
In a press launch issued by the Workplace of the Home Spokesperson final Monday, it was disclosed that a number of oil firms allegedly owe the federation roughly N9.4 trillion.
Corporations summoned embody main business gamers akin to Shell Nigeria Exploration and Manufacturing Firm, Chevron Nigeria Ltd, Whole E&P Nigeria, Seplat Vitality, Oando Oil Ltd, and Mobil Producing Nigeria Limitless, amongst others.
The committee’s probe follows findings within the Auditor-Normal’s Annual Report on the Consolidated {Financial} Assertion for the yr ending December 31, 2021.
The debt, which gathered as of the final quarter of 2024, includes unpaid royalties, concession leases, fuel flare penalties, and obligations from Manufacturing Sharing Contracts, Compensation Agreements, and Modified Carry Preparations.
Corporations That Disputed Their Recorded Liabilities
These firms embody:
“A complete of 28 firms, collectively owing $1,230,708,293.14, have did not honor invites by the committee or reply to public notices,” it added.
These firms embody:
The committee additional revealed that solely two firms have been discovered to have totally met their royalty obligations:
The Home Committee on Public Accounts vowed to stay steadfast in guaranteeing that each one oil and fuel firms working in Nigeria adhere to statutory cost obligations in step with the Petroleum Business Act (PIA).
“The committee will proceed to accentuate oversight to get well excellent revenues and plug income leakages within the business,” the assertion partly reads.
The Home of Representatives reiterated that firms benefiting from Nigeria’s pure assets should adjust to statutory {financial} obligations to help nationwide improvement.
