By Sandra Kenneth
The House of Representatives Public Accounts Committee (PAC) has launched an investigation into an uncollected ₦432 billion debt owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) by oil marketing companies and the Nigerian National Petroleum Company Limited (NNPCL).
The probe stems from findings in recent Auditor-General annual audit reports detailing unfulfilled regulatory and financial obligations spanning 2017 to 2023.
Audit Findings & Debt Growth
2023 Audit Report: The NNPCL alongside oil marketers under DAPPMAN, MOMAN, and MEMAN recorded an initial debt of over ₦392 billion. NNPCL accounted for over ₦162 billion, while private oil companies owed ₦230 billion.
2024 Audit Report: Total outstanding liabilities rose to ₦432 billion—a figure that excludes NNPCL’s separate debt profile.
NMDPRA Submissions: Fresh agency data provided to the committee revealed that 146 oil companies owed ₦327 billion as of 2025.
The accumulated liabilities stem from unpaid Balancing Allowances, the National Transport Average, the 1% Midstream and Downstream Gas Infrastructure Fund, alongside legacy debts related to coastal, credit, and import transactions.
PAC Chairman Representative Bamidele Salam warned affected firms to comply with parliamentary summonses and supply all necessary documentation.
“Any company invited by this Committee must respect the people’s Parliament by honouring the summons with appropriate representation,” Salam said. “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 the government is properly accounted for.”
The committee’s review will examine payment records, calculate exact outstanding balances, and assess previous recovery efforts by regulatory agencies to stem the accumulation of uncollected public revenue.
