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Public Accounts Committee Recovers Additional N113b, Total Recovery Hits N200b

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The The House of Representatives’ Public Accounts Committee has announced the recovery of an additional N113 billion, bringing the total amount recovered to N200 billion in ongoing investigation into unremitted oil revenues.

Chairman of the Committee, Representative Bamidele Salam, disclosed this on Tuesday, emphasizing the legislature’s commitment to holding defaulting oil companies accountable and recovering all outstanding public funds.

According to Rep. Salam, the latest recovery includes a remittance of $71 million (approximately ₦107 billion) by Shoreline Natural Resources and about $3.4 million (approximately ₦6.5 billion) recovered from OML 18 Resources, an oil exploration and production company.

These funds form part of debts identified in the 2021 Auditor-General’s report, which flagged discrepancies in remittances from 45 oil companies totaling $1.7 billion.

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Notably, in the course of reviewing the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended 31st December 2021, and following further in-depth scrutiny, the Committee uncovered that, as of Q4 2024, numerous oil companies were indebted to the Federation Account in the aggregate sum of Nine Trillion, Four Hundred Billion Naira (₦9.4tn).

These debts stem from outstanding oil royalties, concession rentals, gas flare penalties, as well as other obligations under Production Sharing Contracts (PSC), Repayment Agreements, and Modified Carry Arrangements.

Moreover, the Committee notes with grave concern that these liabilities, some of which date back to 2021, have remained unsettled in clear contravention of the Petroleum Industry Act (PIA), which mandates the settlement of such obligations within thirty (30) days.

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“The Committee will not relent in its efforts to ensure that every kobo owed to the Nigerian people is recovered. This is a matter of accountability and justice,” Salam stated.

Salam reiterated that the Committee will continue to follow up with the remaining defaulting companies to ensure full compliance and recovery.


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