Seven major operators in Nigeria’s oil and gas sector have committed to repaying N58 billion owed to the Federation Account before August 2025, following scrutiny by the House of Representatives Public Accounts Committee.
House Spokesperson Akintude Rotimi stated that the repayment pledge came after financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) exposed significant lapses in royalty payments and reconciliation processes.
The debt is part of a larger N9 trillion outstanding liability flagged by the Auditor General for the Federation in his 2021 report to the National Assembly. Additionally, the Committee’s investigation uncovered N2.5 trillion in unpaid royalty payments by 45 oil and gas companies as of December 31, 2024.
Affected companies have been given a one-week deadline to submit relevant documentation and appear before the Committee. Failure to comply will result in firm legislative and regulatory sanctions to enforce accountability.
The House of Representatives reaffirmed its stance that companies benefiting from Nigeria’s natural resources must fulfill their financial obligations to support national development.
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