The Nigerian House of Representatives has launched an investigation into allegations that the Nigerian National Petroleum Company Limited (NNPCL) withheld N8.48 trillion in claimed fuel subsidies. The House Committees on Finance and Petroleum (Upstream and Downstream) have been tasked with verifying the total amount of unremitted revenue from petrol sales by the NNPC between 2020 and 2023.
This investigation comes amidst the House’s approval of the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), key documents outlining the country’s fiscal policy and expenditure plans.
The MTEF/FSP, recently transmitted to the National Assembly by President Bola Tinubu, sets the oil benchmark for 2025 at $75 per barrel, with oil production projected at 2.06 million barrels per day. The exchange rate is pegged at N1,400 per dollar, and the projected GDP growth rate is 6.4% per annum.
During the House’s consideration of the MTEF/FSP, several contentious issues emerged, including the oil benchmark and projected domestic crude oil production. Lawmakers debated the appropriateness of the $75 benchmark, with some arguing for a higher figure based on recent oil price trends.
The House Committee on Finance defended the $75 benchmark as “responsible,” citing the volatility of international oil prices and the need for realistic projections. Ultimately, the $75 benchmark was adopted.
Concerns were also raised about the significant increase in projected domestic crude oil production, with some lawmakers questioning the feasibility of achieving the targets. The Committee on Finance justified the projections, stating that current production levels are approaching 2 million barrels per day and that the targets include all concentrates, not just crude oil.
The proposed exchange rate of N1,400 to the dollar also drew attention, with lawmakers emphasizing the need for a stable exchange rate to avoid increased borrowing and further criticism from the public.
The House’s investigation into the alleged fuel subsidy withholding and unremitted taxes, along with the debates surrounding the MTEF/FSP, highlight the critical importance of transparency and accountability in Nigeria’s oil and gas sector and the country’s overall fiscal management.
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