Reps PAC probes N432B oil co/NNPCL debt to NMDPRA as outstanding liabilities rise

The House of Representatives Public Accounts Committee has launched an investigation into N432 billion owed by oil companies and NNPCL to the Nigerian Midstream and Downstream Petroleum Regulatory Authority. This follows Auditor-General reports showing debts rose from N392 billion in 2023 to N432 billion in 2024 (excluding NNPCL), with 146 companies under DAPPMAN, MEMAN and MOMAN owing N327 billion as of 2025.

The debt covers 2017-2023 and includes Balancing Allowance, National Transport Average, 1% Gas Infrastructure Fund, and legacy import/credit liabilities. NNPCL alone owed over N162 billion in 2023 while oil companies owed N230 billion.

Committee Chairman Bamidele Salam said the investigation will scrutinize records, payments, and recovery actions to 'establish facts, protect public revenue and ensure every naira due to government is properly accounted for.' He emphasized companies must honor parliamentary summons with proper representation and documents.

Will this PAC probe finally recover these stranded petroleum revenues for public use, or will the N432 billion debt join Nigeria's growing list of unpaid government obligations?

SOURCE: https://www.channelstv.com/2026/09/09/reps-begin-investigation-into-%e2%82%a6432bn-oil-revenue-debt/