The House of Representatives has set up Technical Sub-Committees to investigate the debt status of the Nigerian National Petroleum Company Limited (NNPCL) and other oil and gas entities to the Federation Account.
The inquiry, led by Representative Bamidele Salam, follows issues raised in the Auditor-General’s 2021 report on the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
The report highlights significant unpaid royalties and unjustified deductions by NNPC, with outstanding amounts of $253.9 million and over N48 billion among others.
Chief Executive Engineer of the NUPRC, Gbenga Komolafe noted that while $224.3 million had been paid by NNPC, $29.6 million remains outstanding.
He emphasized that the NUPRC is implementing a revenue collection strategy but faces challenges due to industry volatility and Nigeria’s dependence on oil revenue.
In the investigative hearing, lawmakers requested documentary proof of payments made post-2021 and resolved to report findings in two weeks.
On his part, the Committee Chairman, Hon. Salam assured all parties of a fair and transparent process, stating that the sub-committees, led by Deputy Chairman Hon. Jeremiah Umaru and Hon. Olusola Fatoba, will provide ample opportunity for defense.
