The House of Representatives Public Accounts Committee has commenced an investigation into outstanding debts owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority by the Nigerian National Petroleum Company Limited and oil companies, with the liabilities reportedly rising to N432 billion.

The probe followed findings contained in the Auditor-General's annual audit reports on unpaid regulatory and petroleum-related obligations.

According to the Auditor-General's 2023 Annual Audit Report, NNPCL and oil companies operating under the Depot and Petroleum Products Marketers Association of Nigeria, Major Marketers Association of Nigeria and Major Energy Marketers Association of Nigeria owed the NMDPRA more than N392 billion.

The debts were linked to various obligations, including Balancing Allowance, National Transport Average, the one per cent Midstream and Downstream Gas Infrastructure Fund, as well as legacy debts arising from import, coastal and credit transactions.

The 2023 figures showed that NNPCL owed more than N162 billion, while the affected oil companies were indebted to the authority by about N230 billion, bringing the combined debt to approximately N393 billion.

The Public Accounts Committee said the investigation is part of its constitutional oversight responsibility to strengthen accountability and ensure that statutory revenues owed to government agencies are recovered promptly.