The House of Representatives has successfully recovered an additional N21 billion from four oil firms in unpaid revenue, royalties, and taxes, further strengthening its efforts to address financial irregularities in the oil and gas sector.

This latest recovery raises the total amount retrieved from oil companies operating in Nigeria to over N50 billion.

The revelation was made public on Monday as lawmakers intensified their probe into the financial dealings of multinational oil corporations in the country.

According to sources within the legislative body, the recovered funds stem from unremitted taxes, royalties, and other financial obligations owed by the companies to the Nigerian government.

The House of Representatives has been carrying out a thorough investigation into the financial practices of oil firms, with a focus on ensuring accountability and transparency in revenue generation.

The probe, which has spanned several months, has uncovered significant discrepancies in the payments made by oil companies, prompting the lawmakers to take decisive action.

Speaking on the latest recovery, a senior member of the House of Representatives emphasized the importance of holding oil companies accountable for their financial responsibilities to the nation.

He noted that the oil and gas industry remains a crucial source of revenue for Nigeria, and any act of non-compliance with financial obligations undermines national economic growth.

The lawmaker further stated that the recovered funds would be directed towards national development projects, including infrastructure, healthcare, and education, to ensure that citizens benefit from the country’s natural resources.

The House of Representatives Committee on Oil and Gas, which has been at the forefront of the investigation, has vowed to continue its efforts to recover all outstanding payments owed by oil companies.

The committee has been engaging with relevant agencies, including the Nigerian National Petroleum Company (NNPC) Limited and the Federal Inland Revenue Service (FIRS), to ensure full compliance by oil firms operating within the country.

Lawmakers have reiterated their commitment to enforcing existing regulations and implementing measures that will prevent further financial discrepancies in the sector.

They have also warned oil companies against engaging in practices that could result in revenue losses for the government, stressing that any company found guilty of financial malpractice will face severe consequences.

The latest recovery comes amid growing concerns over revenue leakages in the oil and gas industry, which have significantly impacted the government’s ability to fund essential projects and programs.

Nigeria, as one of Africa’s largest oil producers, relies heavily on revenue from crude oil exports to finance its budget and sustain economic growth.

However, financial mismanagement and irregularities within the sector have continued to pose challenges, prompting increased scrutiny from lawmakers and regulatory bodies.

The House of Representatives’ actions have received widespread support from stakeholders in the oil and gas industry, who have commended the legislative body for its dedication to ensuring financial accountability.

Industry experts have also called for more stringent policies and regulations to prevent revenue losses and improve the country’s financial standing.

As the investigation continues, more recoveries are expected, with lawmakers expressing confidence in their ability to retrieve additional funds owed to the government.

They have assured Nigerians that they will not relent in their efforts to hold defaulters accountable and ensure that every naira due to the government is duly paid.

The latest development underscores the importance of transparency and accountability in the management of Nigeria’s natural resources, with lawmakers stressing that no company will be allowed to evade its financial obligations.

The House of Representatives has urged all oil firms operating in Nigeria to comply fully with their tax and royalty payments to avoid facing legal repercussions.

With over N50 billion now recovered, the legislative body remains determined to close financial gaps and improve revenue collection for national development.

The government is expected to channel the recovered funds into critical sectors to address pressing economic challenges and improve the lives of citizens.

As the probe progresses, Nigerians will be keenly watching to see how the government utilizes the funds and whether further recoveries will be made from other defaulting oil companies.

The House of Representatives has reaffirmed its dedication to financial transparency and has pledged to leave no stone unturned in ensuring that every oil firm operating in Nigeria adheres to its financial obligations.

This latest breakthrough signals a significant step towards addressing financial irregularities in the country’s oil and gas sector and ensuring that the nation maximizes its oil revenues for sustainable development.

As lawmakers push for more accountability, oil companies have been urged to cooperate fully with the government to promote a fair and transparent business environment that benefits all stakeholders.

The House of Representatives remains resolute in its pursuit of financial justice and will continue to monitor the compliance of oil firms with their statutory obligations to the Nigerian government.

The message is clear: no company will be allowed to shortchange the nation, and every effort will be made to recover all outstanding revenues for the benefit of the Nigerian people.

This development marks a turning point in the fight against financial malpractice in the oil and gas industry and sets a strong precedent for future engagements with corporate entities operating in Nigeria.