The House of Representatives committee on Public Accounts said on Wednesday that it has commenced an investigation into the N432,072,557,867.17 debt owed by oil companies and the Nigerian National Petroleum Company Limited (NNPCL) to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The Committee investigation followed the findings of the Auditor General contained in the 2023 annual audit report, which indicate that the NNPCL and oil companies operating under the umbrella of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Major Marketers Association of Nigeria (MOMAN) and Major Energy Marketers Association of Nigeria (MEMAN) were indebted to NMDPRA to the tune of ₦392,725,541,038.24. DownloadInteractive Maps

The debt, according to t’e report, comprised obligations arising from Balancing Allowance, National Transport Average, 1% Midstream and Downstream Gas Infrastructure Fund, as well as legacy debts associated with imports, coastal and credit transactions.

A breakdown of the 2023 figures showed that NNPCL owed ₦162,456,750,832.47, while the oil companies owed ₦230,268,790,205.77, bringing the combined indebtedness to ₦392,725,541,038.24; however, the audit report said the outstanding debt had increased to ₦432,072,557,867.17, excluding NNPCL’s indebtedness.

The committee explained that further review of submissions made by the NMDPRA to the Public Accounts Committee showed that 146 oil companies operating under DAPPMAN, MEMAN and MOMAN owed the Authority ₦327,525,987,255.67 as at 2025.

Chairman of the Committee, Bamidele Salam, said the debt covers the period 2017 to 2023 and has largely remained unpaid as of the date of the review, adding that the Committee would ensure that all relevant entities account for their obligations and provide the necessary records to enable Parliament to establish the circumstances surrounding the outstanding debts.

Salam, however, warned that companies and institutions summoned by the Committee must accord the National Assembly the respect it deserves by responding appropriately to parliamentary invitations.

He said, “Any company invited by this Committee must respect the people’s Parliament of the Federal Republic of Nigeria by honouring the summons with appropriate representation and all relevant documents. We are not here to witch-hunt anybody; our responsibility is to establish the facts, protect public revenue and ensure that every naira due to government is properly accounted for.”

The chairman said the Committee would scrutinise the relevant records, including the basis of the outstanding liabilities, the period covered, payments made, amounts still outstanding and the actions taken by the regulatory authorities to recover the debts.

He added that the Committee’s investigation aimed to strengthen accountability in the management of public revenue and ensure that statutory obligations owed to government agencies were not allowed to accumulate without appropriate recovery measures.

The PAC reaffirmed Its commitment to exercising its constitutional oversight mandate by ensuring that public revenue is properly accounted for and that government agencies take appropriate steps to recover outstanding liabilities.

However, The Nation’s finding revealed five audit queries against the Authority in the 2023 audit report, which the Auditor-General submitted to the National Assembly and dated 26th March, 2026.

The audit queries centred on the under-remittance of the 1% Industrial Training Fund on Personnel amounting to N43,412,755.72; non-remittance of the 0.5% statutory levy on petroleum products amounting to N584,118,317.90; NNPC/PPMC bridging allowances indebtedness to NMDPRA amounting to N162,456,574,832.47; outstanding indebtedness to NMDPRA from 2017 to 2023 amounting to N230,268,790,205.77. (The Nation)