The Senate and the House of Representatives have announced a high-level joint investigative hearing to scrutinize Nigeria’s oil revenues, the spending profile of the Nigerian National Petroleum Company Limited (NNPCL), and critical operational activities within the petroleum sector. The probe is scheduled to commence on February 26, 2026, at the National Assembly Complex in Abuja.
The investigative hearing, convened by the Joint Committees on Petroleum Resources (Upstream, Midstream, Downstream, and Gas), is anchored on Sections 88 and 89 of the 1999 Constitution, the Petroleum Industry Act (PIA), and Presidential Executive Orders regarding fiscal transparency.
The Joint Committee, co-signed by seven chairmen from both chambers including Sen. Jarigbe Agom Jarigbe and Hon. Ado Doguwa, has issued formal invitations to the Group Chief Executive Officer of NNPCL. Copies of the summons were also directed to the Attorney General of the Federation, the Minister of Finance, the Minister of Petroleum, and the Accountant General of the Federation, among other top officials.
The investigation will focus on several critical areas of the energy sector:
Revenue Management: A rigorous review of royalties, rents, and taxes to ensure full remittance into the Federation Account.
NNPCL Financials: An examination of the expenditure profile and financial operations of NNPCL and its subsidiaries against approved budgets and cost-reduction mandates.
PIA Compliance: Assessment of the implementation of the Petroleum Industry Act, specifically regarding host community trust funds and asset divestments.
Security and Contracts: A performance and “value for money” audit of pipeline surveillance security contracts.
Regulatory Oversight: Evaluation of the NUPRC, NMDPRA, and the Midstream and Downstream Gas Infrastructure Fund against their statutory mandates.
The Committee has categorized the hearing as statutory and mandatory. All invited officials are required to appear in person with their Chief Accounting Officers and must provide comprehensive documentation, including:
Audited financial statements for the 2023–2025 period.
Bank statements for operational and statutory accounts.
Detailed remittance schedules and compliance reports on Presidential Executive Orders.
The Joint Committee warned that failure to appear or provide requested documents may result in constitutional sanctions, including the issuance of warrants where necessary.
Lawmakers expressed optimism that this probe will serve as a vital platform for strengthening fiscal discipline and transparency within Nigeria’s oil and gas sector. By assessing domestic gas obligations, refining capacity, and NNPCL’s liabilities, the National Assembly aims to ensure the industry operates in the best interest of the Nigerian public.
