Reps Recover N28.7bn Outstanding Federal Gov’t Revenue

The House of Representatives, via its Public Accounts Committee (PAC), has recovered outstanding revenues, which amounted to N28.7 billion from two indebted oil companies to the Federation Account within one-week interval.

Based on findings from the 2021 Audit Report, the committee’s investigation focuses on 45 oil companies collectively owing the Federation $1.7 billion in outstanding liabilities.

Spokesperson of the House, Hon. Akin Rotimi, who disclosed this on Sunday, said Chorus Energy Limited settled its outstanding liability with $847,623 (N1.2 billion) on March 11, 2025.

He said Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025.

Rotimi stated that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had been furnished with evidence of these payments for final verification.

The House Spokesperson further said Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million debt before the investigation commenced and requested a structured repayment plan for the outstanding balance.

“In a separate development, the House Committee on Public Accounts has successfully recovered N199.3 million out of an outstanding N6.8 billion, comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022.

“The House of Representatives had 2024 mandated the Committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita. This directive followed a motion sponsored by Hon. Jeremiah Umaru, which was subsequently referred to the Committee.

“The Federal Government had previously directed value chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refund 1% of transaction charges collected via Remita between March and October 2015.

“An audit of records from banks and Remita revealed that while N7,626,503,441.42 had been refunded, an outstanding sum of N1,984,355,431.08 remained unpaid.

“Applying the prevailing Monetary Policy Rate (MPR) of 27.25%, the accumulated interest on the unpaid sum amounts to N4,842,928,161.36, bringing the total refundable amount to N6,827,283,592.44.

“The Committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges between March and October 2015,” he added.