Economy
Reps: Seven Oil Firms pledge To Pay $37.4m Debt To Federation Account By August

Reps: Seven Oil Firms pledge To Pay $37.4m Debt To Federation Account By August
Seven oil firms pledge to pay $37.4m debt to Federation Account by August. In a major development from the House of Representatives’ Public Accounts Committee investigation, seven oil and gas companies have committed to remitting a total of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025.
The decision follows a detailed review of financial records by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which uncovered lapses in royalty payments and reconciliation processes within the sector.
Oil Sector Revenue Leakages Uncovered
The pledged payments are part of a broader ₦9 trillion debt flagged in the 2021 Auditor General’s report submitted to the National Assembly. Some of these outstanding liabilities have accrued over the past four years, underscoring persistent revenue leakages in the oil and gas sector.
Beyond the seven companies that have committed to payment, the House investigation has revealed that 45 oil and gas firms owe a staggering $1.7 billion (₦2.5 trillion) in unpaid royalty payments as of December 31, 2024.
Companies Committed to Payment
The seven companies that have agreed to settle their outstanding debts before August 2025 include:
Belema Oil
Panocean Oil Nigeria Ltd
Newcross Exploration & Production Ltd
Dubri Oil Company Ltd
Chorus Energy
Amni International
Network Exploration
Companies Contesting Debt Figures
Meanwhile, nine oil companies, with a combined outstanding balance of $429.2 million, have disputed their recorded liabilities and requested a reconciliation process with NUPRC. These firms include:
Aradel/Niger Delta
Chevron
STAR DEEP
Shore Line
Seplat Producing Unlimited
Esso Erha
Esso Usan
Eroton Exploration
Seplat Energy
The House Committee has mandated that reconciliation be completed within two weeks, after which all confirmed debts must be paid without further delay.
Companies Yet to Appear Before the House Committee
A total of 28 oil companies, collectively owing $1.23 billion, have failed to appear before the Public Accounts Committee or respond to public notices. Some of the defaulting firms include:
Addax Petroleum Exploration Nigeria Ltd
AITEO Group
Total E&P Nigeria (OML 100, 102, 52 & 99)
Oando Oil Ltd (OML 60, 61 & 62)
Nigeria Agip Exploration Ltd (NAE)
Conoil Plc
Oriental Energy Resources Limited
The Committee has given the affected companies one more week to submit their financial records or face legislative and regulatory sanctions.

Reps
Companies in Full Compliance
Only two firms were found to have fully met their royalty obligations:
Shell Petroleum Development Company (SPDC)
Shell Nigeria Exploration & Production
House of Reps Vows to Enforce Compliance
The House Committee on Public Accounts has reaffirmed its commitment to ensuring accountability and recovering outstanding revenues in Nigeria’s oil and gas sector.
Lawmakers emphasized that companies benefiting from Nigeria’s natural resources must comply with financial obligations as stipulated under the Petroleum Industry Act (PIA).
The House of Representatives has warned that necessary legislative measures will be taken against companies that fail to comply, as part of ongoing efforts to plug revenue leakages and safeguard national income.
Economy
Jigawa Government, Azman University Partner To Enhance Education Development

Jigawa Government, Azman University Partner To Enhance Education Development
Jigawa government, Azman University partner to enhance education development. Ms Muhktar said, “I assure you that the Jigawa State government will continue to be a valued partner.’’
The Jigawa State government said it will partner with the Azman University to enhance educational opportunities and promote human capital development.
Governor Umar Namadi stated this during a courtesy visit by the Vice-Chancellor, Fatima-Batool Mukhtar, on Thursday in Dutse.
She said the state government would explore areas of collaboration to support innovative learning and sponsor students in specialised programmes to enhance skill development.
The governor said the partnership also focused on computing, data science, aviation management and artificial intelligence (AI).
“I assure you that the Jigawa State government will continue to be a valued partner,” she said.
Mr Namadi highlighted the relevance of the specialised programmes being offered by the university and reaffirmed his commitment to explore opportunities for indigent students.
He said that the introduction of innovative online courses was designed to attract students and scholars to the university.
Earlier, Ms Mukhtar said the institution was committed to quality education, innovation and excellence.
She said the university introduced online learning services, a compulsory e-learning week and the Students’ Consultative Forum, to encourage students engagement in decision-making.
“We have online services that allow students to attend lectures from home, while lecturers can also teach from their homes.
For the students and staff to be familiar with this, we have set aside one week every semester for compulsory e-learning week,” she said.
She also called for more collaboration in computer programming with notable industry players such as Cisco, Huawei and Oracle Academy.

Jigawa
“Your Excellency, Azman University is already gaining strength in computing programmes, and already we have registration with Cisco, Huawei and Oracle Academy. We are certified instructors for Huawei.
“So, we would like to appeal to your excellency to partner with us in your community development projects and skills development for youth for certified courses in computing programmes,” Ms Muktar said.
The VC commended the state government over the 32 per cent budgetary allocation to the education sector and the N3 billion grant to the scholarship board in the 2025 fiscal year.
Economy
House Of Reps Approve Tax Reform Bills

House Of Reps Approve Tax Reform Bills
House Of Reps approve tax reform bills. Mr Faleke said, “These bills underwent three full days of public hearings, with input from over 80 key stakeholders.’’
The Chairman of the House of Representatives Committee on Finance, James Faleke (APC-Lagos), has assured Nigerians that the tax reform bills will produce widely acceptable laws.
Mr Faleke gave this assurance on Thursday after the House considered and adopted the report on the four tax reform bills during its session in Abuja.
The bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill.
He said, “These bills underwent three full days of public hearings, with input from over 80 key stakeholders. Afterward, we held an eight-day retreat to debate each clause. I am glad that House members recognised our thorough work and approved all our recommendations.’’
He expressed appreciation to fellow lawmakers and Nigerians who engaged with the bills, assuring that the resulting laws will be acceptable to all.
Mr Faleke also thanked the House leadership for entrusting his committee with processing the tax bills and presenting them for consideration.
He commended President Bola Tinubu for prioritising tax law reforms, noting that some existing tax laws date as far back as 1959.
“We cannot continue using outdated tax laws that no longer meet our business, survival, and revenue needs,” he stressed.
Deputy Committee Chairman, Saidu Abdullahi (APC-Niger), said no bill in the 10th Assembly had generated as much debate as the tax reform bills.
He praised Speaker Tajudeen Abbas for fostering consensus among stakeholders, ensuring broad-based input into the legislative process.
Mr Abdullahi highlighted that representatives from geopolitical zones and regional thought leaders were involved, easing public concerns.
He stated, “The committee’s recommendations reflect the contributions of various stakeholders. These were never seen as perfect documents. The executive made proposals, and the public hearing allowed Nigerians to refine them. Lawmakers have now endorsed the final version.’’
Also, Ikeagwuonu Ugochinyere (PDP-Imo) described the process as transparent, with consultants and the executive making adjustments to reflect public interest.

Tax
Mr Ugochinyere said, “In spite of being in the opposition, we are proud of this historic moment. It will expand the tax net and increase government revenue. This reform will enhance tax collection efficiency while protecting small businesses. That is why we worked together to ensure its passage.’’
On his part, Benson Babajimi (APC-Lagos) said stakeholder concerns, including inheritance tax, derivation, and VAT, were carefully considered.
He said, “This is a great day for Nigeria. The necessary reforms have been approved by the House, and we now await Senate concurrence.’’
Economy
Tinubu Welcomes Brazilian Delegation For Bilateral Talks

Tinubu Welcomes Brazilian Delegation For Bilateral Talks
Tinubu welcomes Brazilian delegation for Bilateral talks. A Brazilian delegation led by Minister of Foreign Affairs Mauro Viera visited Abuja to strengthen cooperation between Nigeria and Brazil.
The visit included delivering an official invitation from Brazilian President Luiz Inácio Lula da Silva for President Bola Tinubu to visit Brazil soon.
Discussions focused on trade, investment, and cultural collaboration, with both nations signing agreements to enhance bilateral relations.
Viera praised Tinubu’s participation in the G-20 summit in Brazil last November and emphasized the need for deeper ties in culture, economics, and education.

Tinubu
Nigeria’s Minister of Foreign Affairs, Ambassador Tuggar, highlighted Brazil’s historic support, recalling its participation in Nigeria’s independence celebrations, underscoring the long-standing relationship between both countries.
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