…Payment Deadline Set for August 2025 The House of Representatives Committee on Public Accounts has successfully secured a commitment from seven leading oil and gas companies in Nigeria to remit a total sum of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025. This resolution follows an in-depth financial audit by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which identified inconsistencies in royalty payments within the petroleum sector. The Committee’s investigation highlights a broader concern over revenue leakages, prompting urgent corrective measures. Oil Companies Pledge Debt Settlement According to Rep Akin Rotimi, House Spokesperson, the agreed repayment forms part of a ₦9 trillion outstanding liability flagged by the Auditor General for the Federation in the 2021 report submitted to the National Assembly. The debts, accrued over four years, reflect persistent financial gaps in the oil and gas industry. Beyond these seven companies, further investigations uncovered a massive $1.7 billion (₦2.5 trillion) in unpaid royalties, owed by 45 oil and gas firms as of December 31, 2024. The following seven companies have acknowledged their outstanding debts and pledged full repayment before August 2025: Nine Companies Dispute Figures, Demand Reconciliation Nine additional companies, with a combined outstanding debt of $429.2 million, have contested the reported figures and requested a reconciliation process with NUPRC to verify their actual liabilities. These companies include: The Committee has mandated that this reconciliation process be completed within two weeks, after which the companies must settle their confirmed debts promptly. 28 Companies Fail to Respond to Public Notices Meanwhile, 28 companies with a cumulative debt of $1.23 billion (₦1.8 trillion) have failed to respond to public notices or honor the Committee’s invitations. These companies include: The Committee has granted these companies a final grace period of one week to provide necessary documentation and appear before the panel. Failure to comply will result in legislative and regulatory penalties, ensuring full enforcement of royalty obligations. Full Compliance Achieved by Two Companies Only two companies were found to have fully settled their royalty obligations: The House Committee on Public Accounts has reaffirmed its commitment to enforcing compliance with the Petroleum Industry Act (PIA) to prevent further financial discrepancies in the sector. Ensuring Financial Accountability in the Oil Sector The House of Representatives has emphasized the need for strict adherence to statutory royalty payments, stating that all oil and gas firms must fulfill their financial responsibilities to support Nigeria’s economic development. For more information on regulatory compliance in Nigeria’s oil and gas sector, visit the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) official website: NUPRC. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
