The Nigerian House of Representatives has disclosed that 48 oil and gas companies owe the federal government about N2 trillion in unpaid royalties.

This revelation came from an ongoing investigation by the Public Accounts Committee, which is examining financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Out of these companies, seven major oil firms have acknowledged their debts and promised to pay a total of $37.4 million (about N58 billion) before August 2025.

This repayment is part of a larger N9 trillion debt flagged by the Auditor-General for the Federation in a 2021 report. The report highlighted financial irregularities in the sector, some of which have persisted for over four years.

The committee’s findings also show that 45 more companies owe around $1.7 billion (N2.5 trillion) as of December 31, 2024. Among them, nine companies—such as Chevron, Seplat, and Esso—disagree with the reported amounts and have requested a review with NUPRC.

The House has given them two weeks to complete the reconciliation process before making payments.

Meanwhile, 28 companies, including Addax Petroleum, AITEO, and Oando, have not responded to public notices or honored invitations from the committee. They have been given an extra one-week grace period to submit their financial records or face legislative and regulatory actions.

The House has warned that companies failing to comply with their financial obligations will face strict penalties. So far, only Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production have fully cleared their payments.

The committee reaffirmed its commitment to enforcing the Petroleum Industry Act (PIA) and ensuring that all oil firms meet their payment obligations. Lawmakers also promised to tighten oversight to prevent revenue losses and recover outstanding funds from the oil and gas sector.

With the government seeking to boost revenue, oil companies must now act swiftly to clear their debts or face serious consequences.