Reps probe NNPCL, oil firms over ₦432bn NMDPRA debt
The House of Reps is investigating a massive ₦432bn NNPCL debt and liabilities from other oil firms owed to the NMDPRA. Read the latest on the probe. Read More: https://punchng.com/reps-probe-nnpcl-oil-firms-over-%e2%82%a6432bn-nmdpra-debt/
The House of Representatives Public Accounts Committee has launched an investigation into unpaid regulatory debts owed by the Nigerian National Petroleum Company Limited (NNPCL) and oil companies to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), with the total liability assessed at ₦432.07 billion.
This came after findings in the Auditor-General's annual audit reports on unpaid petroleum-related obligations. The 2023 Audit Report indicated a combined indebtedness of ₦392.73 billion, with NNPCL accounting for ₦162.46 billion and oil companies under various associations owing ₦230.27 billion. The 2024 Audit Report raised the outstanding debt to ₦432.07 billion, excluding liabilities associated with NNPCL.
The investigation aims to establish the facts behind these outstanding liabilities, ensuring that all government revenue due from the affected entities is accounted for and recovered. The committee emphasized that it is not targeting any specific company or institution and will use its oversight powers to ensure proper accounting for public revenue and effective recovery of outstanding liabilities.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
