The House of Representatives’ Public Accounts Committee has made a significant breakthrough in its efforts to recover outstanding revenue due to the Federation Account.
The Rep committee has successfully recovered approximately N28.7 billion ($19,241,109.35) from two oil companies, Chorus Energy Limited and Seplat Production Development Limited.
The Public Accounts Committee‘s investigation is based on findings from the 2021 Audit Report, which revealed that 45 oil companies collectively owe $1.7 billion in outstanding liabilities to the Federation Account. The committee’s efforts to recover these outstanding debts are part of its mandate to ensure transparency and accountability in the management of public funds.
The committee’s investigation focused on the 45 oil companies, and it has made significant progress in recovering the outstanding debts. Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025.
The Rep committee, chaired by Osun lawmaker Bamidele Salam, has pledged its readiness to use all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies currently being probed. The committee’s determination to recover the outstanding debts is a testament to its commitment to transparency and accountability in the management of public funds.
In another development, the committee successfully recovered ₦199.3 million out of an outstanding ₦6.8 billion comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax on transactions processed via the Remita platform from 2015 to 2022. This recovery is a significant milestone in the committee’s efforts to ensure that all revenue due to the Federation Account is accounted for and remitted accordingly.
The recovery of N28.7 billion by the Public Accounts Committee has significant implications for the Nigerian economy. The recovered funds will be used to finance critical infrastructure projects, improve public services, and enhance the overall well-being of Nigerians. Furthermore, the committee’s efforts to recover outstanding debts will help to promote transparency and accountability in the management of public funds, which is essential for good governance and economic development.
The recovery of N28.7 billion by the Public Accounts Committee is a significant achievement that demonstrates the committee’s commitment to transparency and accountability in the management of public funds. The committee’s efforts to recover outstanding debts will continue to yield positive results, and its determination to use all constitutionally sanctioned measures to recover outstanding debts is a testament to its commitment to good governance and economic development
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