Nigeria, March 10 -- The House of Representatives has obtained a commitment from seven major oil companies to settle their outstanding debts totalling $37,435,094.52 (approximately N58 billion) to the Federation Account before August 2025.

The spokesperson of the House of Representatives, Akin Rotimi, in a statement on Sunday, said this commitment follows the Public Accounts Committee's scrutiny of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which flagged significant lapses in royalty payments and reconciliation processes across the sector.

It explained that the pledged repayment forms part of a N9 trillion outstanding liability queried by the Auditor General for the Federation in his 2021 repor...