The lower legislative chamber called the National Petroleum Company Limited and the Niger Delta Development Commission (NDDC) for investigation on Wednesday, citing a frightening debt of N2.6 trillion.
The summons came after the NNPC and the NDDC complained that oil businesses owed them money, despite previous attempts at recovery failing.
The Federal Inland Revenue Service, Upstream Regulatory Commission, Midstream and Downstream Petroleum Regulatory Authority are among the other agencies invited by the House Ad-hoc Committee on the recovery of unpaid debt owing to the Federal Government by Nigerian oil and gas corporations.
This is based on a recent analysis by the National Extractive Industries Extractive Initiative (NEITI), which found that 77 oil and gas companies operating in Nigeria owe the government almost N2.6 trillion in taxes, royalties, and penalties.
Chairman of the Adhoc Committee on Recovery of Outstanding Debt owed by Oil and Gas Companies, Nkiruka Onyejeocha, stated that the committee was fully prepared to work with the Nigeria Extractive Industry Transparency Initiative (NEITI) to ensure that all outstanding debts were paid to the government.
The Adhoc Committee also promised to reclaim the funds, saying that “no corporation would take the government’s attempt to earn money for granted any longer.”
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