– House of Reps Pushes for Oil Revenue Recovery
– Nigeria’s Oil Companies to Clear Outstanding Debts
– $37.4M Debt Settlement Agreement Reached
The House of Representatives Committee on Public Accounts has secured commitments from seven major oil firms to remit $37.4 million (₦58 billion) to Nigeria’s Federation Account by August 2025. This follows an audit that revealed unpaid royalties and revenue leakages in the oil and gas sector.
The companies, including Belema Oil, Pan Ocean, and Newcross E&P, acknowledged their debts and agreed to settle them. However, nine firms, such as Chevron and Seplat, have disputed a combined $429.2 million in outstanding payments and requested reconciliation. Meanwhile, 28 companies, owing over $1.2 billion, have yet to respond to the committee’s summons. The House has urged all defaulting firms to fulfill their financial obligations, warning that non-compliance could lead to legislative action.
