Nigeria: Reps Panel Recovers N50bn in Unpaid Royalties, Taxes From Oil Firms

31 March 2025
Daily Trust (Abuja)
By Balarabe Alkassim

The House of Representatives Public Accounts Committee has recovered an additional N21 billion from four oil firms in unpaid revenue, royalties, and taxes, bringing the total money recovered to over N50 billion from oil companies operating in Nigeria.

This was disclosed in a statement on Sunday by the house spokesperson, Rep. Akin Rotimi Jr.

According to the statement, the committee, as part of its ongoing investigation into financial discrepancies in the sector, successfully retrieved an additional $14.2 million (N21.4 billion) from four oil and gas companies.

He said, "This latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to N28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (N50.1 billion)."

The statement quoted the committee chairman, Rep. Bamidele Salam, who attributed these recoveries to the unwavering support and leadership of the Speaker of the House, Hon. Abbas Tajudeen.

Meanwhile, the committee has issued a 20-day ultimatum for four oil companies to remit a total of $23.2 million (N34.8 billion).

Read the original article on Daily Trust.

Tagged:
Copyright © 2025 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 120 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.