The House of Representatives has secured a commitment from seven major oil companies to pay $37.4 million (approximately ₦58 billion) into the Federation Account by August 2025.
This action comes amid an investigation by the Public Accounts Committee, which revealed significant discrepancies in royalty payments and identified a ₦9 trillion outstanding liability from years of revenue leakages in the oil and gas sector.
The probe also found that while some companies have disputed their recorded liabilities and others have failed to appear before the Committee, only Shell’s subsidiaries have fully complied with their payment obligations.
