The Senate and House of Representatives will on February 26, 2026, commence a probe into oil revenues, the spending profile of the Nigerian National Petroleum Company Limited (NNPCL), and other key operational activities within the oil and gas sector.
The investigative hearing, convened by the Joint Committees on Petroleum Resources (Upstream, Midstream, Downstream and Gas), will hold at the Senate Conference Room 231, New Senate Building, National Assembly Complex, Abuja.
In a press statement released on Tuesday and jointly signed by Sen. Jarigbe Agom Jarigbe, Chairman, Senate Committee on Gas; Hon. Nicholas Mutu, Chairman, Gas (House); Sen. Eteng Jonah William, Chairman, Upstream (Senate); Hon. Ado Doguwa, Chairman, Upstream (House); Sen. Suleiman A. Kawu, Chairman, Downstream (Senate); Hon. Ikenga Ugochinyere Onyinye, Chairman, Downstream (House); and Hon. Prince Henry Okojie, Chairman, Midstream (House), the lawmakers outlined the scope and legal basis of the probe.
They stated that the hearing “is anchored on Sections 88 and 89 of the 1999 Constitution (as amended), the provisions of the Petroleum Industry Act, and relevant Presidential Executive Orders on fiscal transparency and public sector efficiency.”
According to the statement, “a formal invitation has been issued to the Group Chief Executive Officer of NNPCL” and copied to the Attorney General of the Federation, Ministers responsible for Petroleum (Oil and Gas), the Minister of Finance and Coordinating Minister of the Economy, the Special Adviser to the President on Energy, heads of relevant regulatory agencies, and the Accountant General of the Federation.
The lawmakers said the probe “will focus on ensuring accountability in petroleum revenue management, assessing compliance with statutory remittance obligations, and scrutinising expenditure patterns across critical institutions in the sector.”
They added that central to the hearing will be “a review of the revenue streams of the Federation — including royalties, rents and taxes — to confirm full remittance into the Federation Account in line with existing laws and fiscal directives.”
The committees further disclosed that they would examine “the implementation of the Petroleum Industry Act, particularly in relation to host community trust funds, asset divestments and the transition of assets and liabilities within the industry.”
On NNPCL’s financial operations, the statement said the lawmakers would “equally examine the expenditure profile and financial operations of the Nigerian National Petroleum Company Limited and its subsidiaries, especially in the context of approved budgetary provisions and cost-reduction Executive Orders.”
In addition, the lawmakers stated that they will “scrutinise the pipeline surveillance security contract, assessing its performance, value for money and alignment with the contract sum.”
The statement also noted that regulatory oversight “will come under review,” with the activities of the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Midstream and Downstream Gas Infrastructure Fund to be evaluated “against their statutory mandates and established performance benchmarks.”
The investigative session, according to the committees, “will further assess domestic gas obligations, refining capacity, petroleum product supply and pricing dynamics, as well as the liabilities of NNPCL, including obligations arising from upfront crude oil and gas sale arrangements.”
All invited officials, the lawmakers said, “are required to appear in person alongside their Chief Accounting Officers and submit 20 hard copies and a soft copy of a comprehensive briefing memorandum,” including “audited financial statements for 2023–2025, bank statements of operational and statutory accounts, detailed remittance schedules to the Federation Account, and compliance reports on Presidential Executive Orders issued since 2023.”
The Joint Committees stressed that the hearing “is statutory and mandatory,” warning that “failure to appear or provide the requested documents may attract constitutional sanctions, including the issuance of warrants where necessary.”
They expressed optimism that the session would serve as “a critical platform for strengthening transparency, fiscal discipline and accountability in Nigeria’s oil and gas sector.”
SOURCE: LEADERSHIP NEWS PAPER
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