The House of Representatives Public Accounts Committee (PAC) has recovered $19,241,109.35 (N28.7 billion) from two oil companies indebted to the Federation Account.

The panel has also successfully recovered N199.3 million out of an outstanding N6.8 billion, comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022.

Spokesman of the House, Akin Rotimi, who disclosed this in a statement yesterday, said the panel’s investigation, which is based on findings from the 2021 audit report, focused on 45 oil companies collectively owing $1.7 billion in outstanding liabilities to the Federation.

According to the statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had been furnished with evidence of these payments for final verification.

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