The House of Representatives Committee on Public Accounts has initiated an inquiry into the Nigerian National Petroleum Company Limited (NNPCL) and several oil firms regarding their unsettled financial obligations to the Federation Account. This move follows a damning report by the Office of the Auditor General for the Federation, which exposed significant financial discrepancies.
According to the Auditor General’s report, as of December 2021, NNPCL and oil companies owed the Federation a staggering sum of approximately $1.6 billion in unpaid royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This revelation has sparked widespread concern and prompted lawmakers to take action.