Repairs start on N432 billion oil debt owed to NMDPRA by NNPC and private firms
The House of Representatives Public Accounts Committee began investigating N432 billion in outstanding debt. The figure includes liabilities held by the Nigerian National Petroleum Company Limited (NNPCL) and various marketing associations for the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The House of Representatives Public Accounts Committee has started an investigation into oil companies and the Nigerian National Petroleum Company Limited's unpaid bills to the Nigerian Midstream and Downstream Petroleum Regulatory Authority. Total liabilities reached N432 billion according to recent data, rising from a previous N392.7 billion figure cited in the Auditor-General's 2023 report. That earlier audit showed debt comprised N162.5 billion owed by NNPCL alone, plus N230.2 billion from oil companies operating under the Depot and Petroleum Products Marketers Association of Nigeria, Major Marketers Association of Nigeria, and Major Energy Marketers Association of Nigeria. Obligations covered balancing allowances, transport averages, gas infrastructure funds, legacy import debts, and credit transactions related to coastal activities.
