The House of Representatives Public Accounts Committee has summoned nine oil companies to appear before them to address their outstanding debts to the Nigerian Federation. However, only one company responded to the summons, leading the committee to issue a 72-hour ultimatum.
The House of Representatives Public Accounts Committee has expressed deep dissatisfaction with the failure of several oil companies to honor their summons regarding outstanding debts owed to the Nigeria n Federation. The committee had originally scheduled a hearing between March 3rd and 4th to address the financial obligations of nine oil companies . These companies included Addax Petroleum Exploration Nigeria Ltd, AITEO Group, All Grace Energy, and Amalgamated Oil Company Nigeria Limited.
Others were Amni International Petroleum Development Company Limited, Belemaoil Producing Ltd, Bilton Energy Limited, Britannia-U, and Waltersmith Petroman Limited. \However, only one company appeared at the resumed hearing on Monday, leaving the others absent with no explanation or submitted documentation. Isiaq Akinlade, chairman of the investigation sub-committee, voiced the committee's concerns, stating that their summons comes at a critical time when the Nigerian government is facing a substantial budget deficit, having recently approved a budget of N54.9 trillion. He emphasized that the refusal of these oil companies to settle their debts raises serious doubts about the government's ability to meet its fiscal targets and adequately fund crucial national projects.\ Balarabe Haruna, a representative from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), provided a detailed breakdown of the companies' outstanding debts to the federation account. The total amount owed reached a substantial sum of $506,791,611.79. Haruna outlined the specific debts for each company, citing amounts owed for crude oil by price, crude oil by production, gas flares, and concession rentals. He stated that companies like Britannia-U OML owed $1,646,644.58, Waltersmith OML 16 owed $8,739,281.20, and Amni International Petroleum had a staggering debt of $434,948,763.41. Similarly, Belemaoil, AITEO, Addax Exploration, and Bilton all had significant outstanding balances.\ In response to the companies' non-appearance, the Public Accounts Committee unanimously issued them a 72-hour ultimatum to appear before the committee and provide valid justifications for their debts. The committee made it clear that failure to comply would result in further action, which may include issuing a ruling compelling the companies to settle their outstanding liabilities within seven days
Nigeria Oil Companies Debt Public Accounts Committee Budget Deficit Fiscal Integrity
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