SEVEN OIL COMPANIES TO REMIT FIFTY EIGHT BILLION NAIRA OWED TO FEDERATION ACCOUNT 10-03-25
By Sadiq Aminu. Seven major operators in Nigeria’s oil and gas industry to Settle fifty eight billion Naira Owed to the Federation Account Before August 2025
A statement by the House of Representatives Spokesperson Akintude Rotimi says the commitment by these companies follows scrutiny by the House of Representatives Public Accounts Committee of financial records from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, which flagged significant lapses in royalty payments and reconciliation processes across the sector.
The House Spokesperson notes that the pledged repayment forms part of a ₦9 trillion outstanding liability queried by the Auditor General for the Federation in his 2021 report submitted to the National Assembly.
According to Mr. Rotimi, beyond these seven companies, the Committee’s investigation has uncovered ₦2.5 trillion, owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.
To this end, the Committee has given the affected companies a further grace period of one week to submit all relevant documentation regarding their statutory obligations and appear before the Committee and failure to comply within the timeframe will result in firm legislative and regulatory sanctions to enforce accountability and ensure compliance.
The House of Representatives reiterates that companies benefiting from Nigeria’s natural resources must comply with financial obligations to support national development.