The National Assembly Joint Petroleum Committees are set to launch a comprehensive investigation into revenue inflows, spending patterns, and operational activities across Nigeria’s oil and gas industry amid renewed calls for fiscal transparency and accountability.
The probe will examine statutory remittances, regulatory performance, and financial management within key institutions, as lawmakers intensify oversight of one of the country’s most strategic sectors.
Central to the inquiry are issues related to the implementation of the Petroleum Industry Act, asset transitions, host community trust funds, and the management of upstream, midstream, and downstream operations.
The high-level hearing will convene on Thursday, February 26, at the Senate, drawing authority from Sections 88 and 89 of the 1999 Constitution (as amended), the Petroleum Industry Act, and relevant Presidential Executive Orders on fiscal transparency and public sector efficiency. It will review royalties, rents, and taxes, with a particular focus on ensuring full remittance into the Federation Account.
In a joint letter signed by Sen. Jarigbe Jarigbe, Hon. Nicholas Mutu, Sen. Eteng William, Hon. Ado Doguwa, Sen. Suleiman A. Kawu, Hon. Ikenga Onyinye, and Hon. Prince Henry Okojie, the lawmakers stated that the exercise would focus on accountability in petroleum revenue management and compliance with statutory obligations.
Regulatory agencies slated for evaluation include the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Midstream and Downstream Gas Infrastructure Fund. Their activities will be assessed against statutory mandates and performance benchmarks.
The session will also scrutinise the pipeline surveillance security contract, domestic gas supply commitments, refining output, pricing dynamics, and liabilities of the Nigerian National Petroleum Company Limited (NNPCL), including obligations arising from upfront crude oil and gas sale arrangements.
Expected attendees include the Group Chief Executive Officer of NNPCL, the Attorney General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, the Special Adviser to the President on Energy, and the Accountant General of the Federation.
The letter instructed that “All invited officials are required to appear in person alongside their Chief Accounting Officers and submit 20 hard copies and a soft copy of a comprehensive briefing memorandum,” warning that failure to provide the requested documents may attract constitutional sanctions, including the issuance of warrants where necessary.
Submissions must cover audited financial statements for 2023–2025, bank records of operational and statutory accounts, remittance schedules, and compliance reports on Executive Orders issued since 2023.
