The House of Representatives Public Accounts Committee (PAC) has criticized eight oil companies for failing to appear before it to explain their $506.5 million outstanding debt to the Federation. Despite public summons, only one company responded.
Among the key defaulters, Amni International Petroleum owes $434.9 million, AITEO owes $34.8 million, Addax owes $17.5 million, Bilton owes $5 million, Waltersmith owes $8.7 million, and Belemaoil owes $1.7 million.
PAC Chairman, Hon. Isiaq Akinlade, condemned their actions, warning that non-payment threatens Nigeria’s ability to fund its N54.9 trillion budget. The committee issued a 72-hour ultimatum for the companies to appear, warning that failure to comply could lead to strict enforcement of debt repayment. More oil firms, including Chevron and Shell, are scheduled to appear on March 4, 2025.
