The Nigerian Senate has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted responses to 19 audit queries regarding an alleged ₦210 trillion in unaccounted funds, covering the financial years 2017 to 2023.
This was disclosed by Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts, who said the submissions were received but have yet to undergo critical review by the committee.
Senate Investigating ₦210 Trillion Discrepancy in NNPCL Accounts
According to Senator Wadada (Nasarawa West), the queries relate to serious discrepancies in NNPCL’s audited financial statements, which the Senate has previously described as lacking transparency and accountability.
“The management of NNPCL wrote to the committee during the recess, requesting more time to compile data and respond comprehensively to our questions. We granted the extension. They have now responded to all 19 queries, but the report is yet to be presented before the full committee,” he said.
The Senate committee had issued a three-week deadline on July 29 to NNPCL CEO Engr. Bayo Ojulari, demanding answers on the ₦210 trillion audit red flag raised in the reports.
Senate Vows Impartial Review of NNPCL Submissions
Senator Wadada assured Nigerians that the committee would conduct a thorough and impartial investigation into the NNPCL audit responses before making any formal public declaration.
“I have refrained from making any public statement on the matter until the committee has formally reviewed the report. But as I promised earlier, we will do justice to the matter,” he said.
NNPC Retail Reportedly Operating at a Loss
In addition to the audit queries, Senator Wadada revealed that the Senate is also concerned about other aspects of NNPCL’s operations, particularly its Production Sharing Contracts (PSCs) and the performance of its subsidiary, NNPC Retail.
“We’ve been told NNPC Retail is running at a loss, which is very concerning,” he said. “It’s difficult to understand how the retail arm of Nigeria’s national oil company could be unprofitable in today’s high-demand energy market. This will also be critically examined.”
Oil Sector Transparency Under Scrutiny
The ongoing investigation into the NNPCL’s ₦210 trillion audit queries highlights renewed Senate efforts to enforce transparency and accountability in Nigeria’s oil and gas sector, especially in light of President Tinubu’s push for fiscal reforms and energy sector efficiency.
Senator Wadada concluded by promising that once the committee concludes its review of NNPCL’s submissions, a comprehensive report will be made public.
