The House of Representatives has directed its Committees on Finance, Petroleum Upstream, and Petroleum Downstream to investigate allegations of financial irregularities by the Nigerian National Petroleum Corporation (NNPC).
The probe follows reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission, which claim that the NNPC withheld N8.48 trillion in purported petrol subsidy payments. Additionally, the Nigeria Extractive Industries Transparency Initiative (NEITI) report alleges that the NNPC failed to remit $2 billion (approximately N3.6 trillion) in taxes to the Federal Government.
The committees are tasked with verifying the total cumulative amount of unremitted revenue, labeled as “under-recovery,” from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.
This investigation comes amidst growing concerns about transparency and accountability in the management of Nigeria’s oil revenues. Lawmakers have expressed the need to determine the accuracy of subsidy claims and ensure compliance with remittance obligations to prevent revenue leakage.
The committees are expected to report their findings to the House within a stipulated time frame, with recommendations for corrective actions and policy reforms to enhance fiscal accountability in the petroleum sector.
