By Mercy Aikoye
The House of Representatives is deeply troubled by the staggering N9.4 trillion debt owed to the Federation Account by oil companies as of Q4 2024. This substantial amount stems from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations.
Hon. Bamidele Salam, Chairman of the House Committee on Public Accounts, revealed that 13 oil companies have failed to comply with the Committee’s invitations, despite repeated notices. These companies owe a combined total of $456,952,216.51 (N731,123,546,416).
“Despite our efforts to engage with these companies, they have refused to appear before the Committee, leaving us no choice but to consider punitive measures,” Rep. Salam stated. He emphasized that the Committee is determined to hold accountable those companies that refuse to cooperate.
The Committee has summoned the non-compliant companies to appear before it on July 2 and 3, 2025. Rep. Salam warned, “We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.” The Committee’s resolve to tackle this issue is unwavering.
In addition to the non-compliant companies, the Committee has also requested several other oil companies to reappear before it regarding alleged outstanding liabilities totaling $125.5 million. These companies include OML 18, Shoreline, Network Exploration, Aradel, Newcross Exploration, and Pan Ocean.
The Committee recently announced the recovery of $15.7 million (approximately N25 billion) from several oil companies, bringing the total recovered amount to N86.5 billion. Rep. Salam noted, “These funds have been remitted directly into the Federation Account, marking a significant step towards reinforcing fiscal responsibility in Nigeria’s extractive sector.”
The House of Representatives remains steadfast in its commitment to transparency, accountability, and protecting public resources. The Committee’s efforts aim to recover the outstanding revenue and ensure that oil companies fulfill their contractual obligations.
