The Niger Delta Development Commission (NDDC) has disclosed that oil and gas companies operating in Nigeria are owing the Commission $290 million and N163.6 billion in outstanding statutory contributions.
The disclosure was made on Thursday by the Chairman of the Commission, Chiedu Ebie, during the special legislative oversight and public hearing on the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports for 2021, 2022 and 2023.
The Executive Director of Corporate Services, Hon. Ifedayo Abegunde, who represented the chairman, directed Kunemofa Asu, Director of Finance, to give a summary of the Commission’s report.
Presenting summary of the Commission’s report before the committee, Asu said the document submitted covered the period from January 2021 to December 2023, as requested by the lawmakers, while additional reconciled figures were also made available up to 2025.
“The summary of the report states the list of the oil and gas companies from 2021 to 2023, the 3 per cent approved budget amount, the amount paid to date and the outstanding balances for both the dollar and naira components,” Asu said.
According to her, the report contains a summary of inflows from oil companies on the first two pages, while detailed company-by-company contributions are contained in pages three to 64.
She stated that the Commission has so far received $6.755 billion in dollar-denominated contributions up to 2025.
“For the dollar components, we have received 6.755 billion dollars up to date. We have 290 million dollars outstanding for the dollar components,” Asu told the committee.
On the naira component, he said the Commission had received N1.529 trillion in contributions from 2001 to 2025, while outstanding liabilities stood at N163.6 billion.
“For the naira components, from 2001 to 2025, we have N6.529 trillion, and the outstanding is N163.6 billion,” she said.
Asu clarified that while the committee had requested records covering 2021 to 2023, the Commission considered it necessary to provide more recent reconciled figures to give lawmakers a clearer picture of the current status of payments.
“The submitted documents with the Clerk were for the period 2021 to 2023 as requested based on the letter we received. When we came here with the outstanding figures to 2025, that’s what I just gave,” she explained.
During the session, members of the committee resolved that the detailed report submitted by the NDDC would be reviewed before further deliberations.