The Deputy Spokesperson of the House of Representatives, Hon. Philip Agbese, has commended President Bola Tinubu for approving the cancellation of huge legacy debts owed by the Nigerian National Petroleum Company Limited to the Federation Account, describing the decision as a strong affirmation of the transparent and reform-driven leadership of the NNPCL Group Chief Executive Officer, Engr. Bashir Bayo Ojulari.

According to Agbese, the presidential directive erased outstanding obligations of about $1.42 billion and N5.57 trillion owed by NNPCL as of December 31, 2024, following an extensive reconciliation exercise carried out by the Stakeholder Alignment Committee.

He described the debt cancellation as a clear vote of confidence in Ojulari’s leadership and management of the national oil company.

“This debt forgiveness is not just financial relief; it is a powerful testament to the trust the Presidency has in Engr. Ojulari’s commitment to transparency and accountability,” Agbese said.

“Under his leadership, NNPCL has opened its books like never before, enabling accurate reconciliation of long-standing disputes and paving the way for this historic clean slate.”

Agbese noted that several major achievements recorded under Ojulari’s tenure demonstrate a disciplined and results-oriented approach that has repositioned NNPCL as a commercially viable and profit-driven enterprise.

“The resumption of monthly financial and operational reports – a practice dormant since 2021 – has restored stakeholder confidence and ensured real-time oversight,” he noted.

“This level of openness directly facilitated the transparent reconciliation process that led to the debt cancellation.”

The lawmaker also highlighted record-breaking performances in the upstream sector, attributing them to effective leadership and strategic partnerships.

“NNPCL’s subsidiary, NNPC Exploration and Production Limited, achieved a daily output of 355,000 barrels on December 1, 2025 – the highest in 36 years,” Agbese stated.

“With average production surging 52% from 203,000 barrels per day in 2023 to 312,000 in 2025, and national output climbing to over 1.7 million barrels per day, Ojulari has delivered tangible results through collaborations with partners and robust measures against crude theft.”

On gas infrastructure development, Agbese pointed to key milestones recorded under the current management.

“The completion of the main line welding for the $2.8 billion Ajaokuta-Kaduna-Kano gas pipeline, including the challenging River Niger crossing, is a game-changer,” he said.

“This milestone, achieved under Ojulari’s watch, will soon deliver gas to northern Nigeria, sparking industrial growth and economic diversification.”

Agbese further applauded the strategic direction and targets set by the NNPCL leadership in line with sector reforms.

“Setting realistic goals for 1.8 million barrels per day in 2026, backed by the Petroleum Industry Act reforms that have freed NNPCL from federal funding dependency, shows visionary leadership,” he added.

“These reforms have turned NNPCL into a profit-oriented company focused on national energy security.”

On downstream operations, the lawmaker acknowledged progress made in refinery rehabilitation, particularly at the Port Harcourt Refining Company.

“Ojulari’s team has made significant progress on the Port Harcourt Refining Company, aligning with broader initiatives to boost domestic refining capacity and reduce import dependence,” he remarked.

“This comprehensive approach ensures long-term sustainability.”

Agbese stressed that the resolution of the legacy debt would have far-reaching benefits for the national oil company and the country at large.

“With this debt resolution, NNPCL can now channel full energy into current operations and future investments,” he said.

“Engr. Ojulari’s transparent leadership has not only resolved historical burdens but is building a stronger, more accountable national oil company for all Nigerians. We look forward to even greater milestones ahead.”