File: House of Reps Green Chamber
The House of Representatives Public Accounts Committee has opened an investigation into outstanding regulatory debts owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority by the Nigerian National Petroleum Company Limited and oil companies, with liabilities under review put at ₦432.07bn.
The investigation followed findings in the Auditor-General’s annual audit reports on unpaid petroleum-related obligations accruing to the regulatory authority.
The Auditor-General’s 2023 Annual Audit Report put the combined indebtedness of NNPCL and oil companies at ₦392.73bn.
Of the amount, NNPCL accounted for ₦162.46bn, while oil companies operating under the Depot and Petroleum Products Marketers Association of Nigeria, Major Marketers Association of Nigeria and Major Energy Marketers Association of Nigeria owed ₦230.27bn.
