The House of Representatives has constituted an ad-hoc committee to investigate debts owed to the Federal Government by Ministries, Departments and Agencies (MDAs), private organisations and other state actors.

The committee led by Hon. Oluwole Oke was appointed following the adoption of a motion sponsored by Hon. Salisu Yusuf and five other lawmakers during plenary.

The House mandated the panel to undertake a comprehensive review of outstanding liabilities owed to the Federal Government, identify all debtors, assess recovery efforts by relevant agencies and recommend practical measures for the recovery of funds.

Earlier, Yusuf raised concern over Nigeria’s growing debt burden and weakening revenue base, warning that the failure to recover monies owed to government was worsening the country’s fiscal pressures.

He disclosed that Nigeria’s total public debt stood at N153.29 trillion as of September 30, 2025, attributing the rise to increased domestic borrowing and continued pressure from currency depreciation.

According to him, domestic debt accounts for more than 53 per cent of the total debt stock, while external debt makes up about 47 per cent, with debt servicing consuming nearly 47.85 per cent of government revenue within the first nine months of 2025.

Yusuf noted that like many countries, Nigeria had adopted borrowing and other fiscal measures in the aftermath of the COVID-19 pandemic to stabilise the economy.

“Most countries around the world, including Nigeria, had recourse to borrowing and other monetary policy tools to address economic challenges,” he said.

He added that while some of these measures had contributed to relative macroeconomic stability, including improvements in currency performance, greater attention was still needed on revenue recovery.

The lawmaker expressed concern that successive governments had focused more on borrowing and debt servicing, while leaving substantial sums owed to the Federal Government uncollected.

“The Federal Government of Nigeria is owed huge sums of money within and outside the country, including judgment debts,” Yusuf said.

“These funds are held by state and non-state actors, as well as Ministries, Departments and Agencies of government.”

He further recalled the establishment of the Presidential Initiative on Continuous Audit in 2015, designed to strengthen financial oversight and improve accountability in public expenditure.

According to him, the initiative was aimed at enhancing efficiency in revenue management and ensuring proper monitoring of government finances.

Yusuf warned that the continued failure to recover outstanding debts was placing additional strain on public finances and contributing to Nigeria’s fiscal challenges at a time of rising expenditure demands and infrastructure gaps.

Following the adoption of the motion, the House directed the Oke-led committee to submit its findings within four weeks for further legislative action.

The development comes amid growing concerns over Nigeria’s debt sustainability, with rising calls for the Federal Government to prioritise revenue recovery as a means of reducing fiscal pressure without increasing the tax burden on citizens already facing inflation and high living costs.

By Our Reporter

The total sum of N2.036 trillion for March 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.

Bawa Mokwa, Director of Press Public Relations, said in press release on Wednesday, that the revenue was shared at the April 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The N2.036 trillion total revenue comprised distributable statutory revenue of N1.320 trillion, distributable Value Added Tax (VAT) revenue of N515.391 billion and Augmentation of N200 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.

364 trillion was available in the month of March 2026. Total deduction for cost of collection was N81.084 billion while total transfers, refunds and savings was N246.872 billion and Augmentation of N200 billion.

According to the communiqué, gross statutory revenue of N1.699 trillion was received for the month of March 2026, which was higher than the N1.561 trillion received in the preceding month by N137.914 billion.

Gross revenue of N664.425 billion was available from the Value Added Tax (VAT) in March 2026. This was lower than the N668.450 billion available in the month of February 2026 by N4.025 billion.

The communiqué added that from the N2.036 trillion total distributable revenue, the Federal Government received a total sum of N789.159 billion and the State Governments received a total sum of N657.596 billion.

The Local government Councils received N468.826 billion, while the sum of N120.759 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N1.320 trillion distributable statutory revenue, the communiqué stated that the Federal Government received N632.260 billion and the State Governments received N320.691 billion.

The Local Government Councils received N247.239 billion and the sum of N120.759 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

From the N515.391 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N51.539 billion, the State Governments received N283.465 billion and the Local Government Councils received N180.387 billion.

By Aliyu Musa

The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, has delivered a characteristically direct and pragmatic assessment of Nigeria and Africa’s energy future.

He stated this at the CERAWeek 2026, declaring that the country’s fundamentals are strong, its value proposition clear, and its focus now squarely on execution.

Speaking on the opening day of the world’s premier energy gathering, held under the theme “Convergence and Competition: Energy, Technology and Geopolitics,” Ojulari told a global audience of energy leaders, including C-suite executives, energy secretaries and government ministers, that Nigeria’s strategy is grounded in realism, partnership, and disciplined delivery.

“Capital goes where value is clear, and Nigeria has that value,” he stated, setting the tone for a leadership dialogue that outlined a pragmatic approach to balancing the country’s immediate energy needs with its long-term transition ambitions. The GCEO articulated NNPC’s core philosophy with characteristic clarity: “We are not choosing between today and tomorrow; we are funding the future with the present.”

At the fireside chat anchored by Dan Pratt, S&P Global’s Senior Vice President, Upstream Solutions, Ojulari explained that Africa remains dependent on hydrocarbons for revenue and foreign exchange, making sustained upstream production non-negotiable. Additionally, with over 600 trillion cubic feet of proven reserves, gas represents not merely a transition fuel but a strategic economic lever for industrialisation and energy security across the continent.

According to the GCEO, “Nigeria is the reliable destination for energy investment the world needs. The country has positioned itself as a dependable supplier, riding on the established legacies of stable policies, improved energy infrastructure security, partnerships, and, lastly, the orientation of the government. The President has given NNPC the autonomy to act on its behalf and consolidate commercial solutions that are long-lasting.”

“Balance is not about equal allocation; it is about optimal sequencing,” Ojulari stated, outlining a portfolio where oil sustains value today, gas underpins industrial growth, and transition investments are targeted and disciplined. He further highlighted the critical role of partnerships in de-risking Nigeria’s deepwater assets, noting that global players like Shell and Eni bring not only capital but execution capability, technology, and project discipline—particularly for assets like OPL 245 and other deepwater developments.

According to the oil executive, the Petroleum Industry Act (PIA) has now firmly established regulatory certainty, while infrastructure gaps are being closed through targeted investments and security is being strengthened through a more robust architecture. “When the fundamentals are right, partnerships scale naturally,” he added.

Addressing Nigeria’s long-discussed gas potential, the GCEO noted that what is different now is execution discipline. Three key enablers are receiving focused attention: commercial pricing across the value chain, critical infrastructure like the AKK (Ajaokuta-Kaduna-Kano) pipeline, and bankable contracts that provide investor certainty. On the balance between domestic gas needs and LNG exports, Engr. Ojulari described a dynamic approach of portfolio optimisation—allocating gas where it delivers the highest combined national and commercial value.

The GCEO articulated a clear strategic shift, moving from resource ownership to resource monetisation. He emphasized that unlocking Nigeria’s significant proven but undeveloped reserves requires commercial discipline, competitive fiscal frameworks, and strong partnerships. Deepwater remains a priority because it offers scale, it is less exposed to onshore challenges, and attracts global capital.

CERAWeek 2026, hosted by S&P Global, runs from March 23–27 in Houston, Texas, bringing together over 10,000 global energy leaders, executives, and officials to explore the convergence of energy, technology, and geopolitics.