The House of Representatives has disclosed that seven major operators in Nigeria’s oil and gas industry have undertaken to remit a total of $37,435,094.52 (approximately N58 billion) to the Federation Account before August 2025, acknowledging their outstanding debt.
The House of Representatives has summoned 48 oil companies operating in Nigeria to appear before its Committee on Public Accounts, in a series of investigative hearings probing a combined debt of N9.4 trillion.
Oil companies operating in Nigeria have claimed that members of host communities are responsible for oil theft and pipeline vandalism in the region.
Crude oil producing companies in Nigeria are expected to supply Dangote refinery and other local refineries about 597,700 barrels per day (bpd) of crude in the next five months to meet local demands.
The federal government through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has introduced new regulations requiring its oil producers to sell crude oil to local refineries in a move to reduce the country's dependence on imported refined products.
State-owned oil companies may face the risk of wasting billions in Oil and Gas investments .
