Where did ₦432 billion go? The House of Reps is now asking tough questions as oil giants and the NNPC are being quizzed over a staggering unpaid bill to the Nigerian government.

You won't believe this, but Nigeria is chasing a whopping ₦432 billion in unpaid oil revenue.

According to cbinews.tv, the House of Representatives Public Accounts Committee (PAC) has finally kicked off a full-blown investigation into just how oil companies and the Nigerian National Petroleum Company Limited (NNPCL) racked up such a massive debt to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

And this isn't new gist. The red flag was actually raised in the Auditor-General's annual audit reports.

Let's break it down, because the numbers are wild:

In 2023 alone, the Auditor-General said NNPCL and oil marketers under DAPPMAN, MOMAN and MEMAN were owing more than ₦392 billion. That money was supposed to come from things like Balancing Allowance, National Transport Average, the 1% Midstream and Downstream Gas Infrastructure Fund, plus old legacy debts from imports and coastal transactions.

Of that ₦393 billion in 2023, NNPCL alone owed over ₦162 billion, while the oil companies owed ₦230 billion.

Fast forward to the 2024 report, and the debt had ballooned to ₦432 billion – and that's excluding what NNPCL is owing.

Even more shocking? Fresh documents submitted by the NMDPRA to the Committee show that as of 2025, about 146 oil companies under DAPPMAN, MEMAN and MOMAN are still owing ₦327 billion. Most of these debts are from 2017 to 2023 and haven't been paid till today.

The Chairman of the Committee, Rep. Bamidele Salam, didn't mince words. He said every single company involved must come forward and account for what they owe.

In his words: “Any company invited by this Committee must respect the people’s Parliament of the Federal Republic of Nigeria by honouring the summons with appropriate representation and all relevant documents. We are not here to witch-hunt anybody; our responsibility is to establish the facts, protect public revenue and ensure that every naira due to government is properly accounted for.”

He added that the PAC will be digging deep – checking the basis of the debt, what has been paid, what is still outstanding, and what the regulators have actually done to recover the money.

The Committee says it's all about accountability and making sure no public revenue is left hanging.

As reported by cbinews.tv.

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