The Senate has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted detailed responses to 19 audit queries concerning the alleged ₦210 trillion unaccounted funds in its financial records between 2017 and 2023.
Naijaonpoint reports that the development was confirmed by the Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada (Nasarawa West), during a media briefing at the National Assembly in Abuja.
According to Wadada, the NNPCL management had earlier written to the committee during the National Assembly’s recess, seeking an extension to compile relevant data and documents before responding comprehensively to the committee’s inquiries.
“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,” the senator explained.
“They have now responded to all 19 queries, but the report is yet to be presented before the full committee.”
The queries, he said, stemmed from inconsistencies in the audited accounts of the national oil company, which the Senate had earlier described as “lacking transparency and accountability.”
Senate Committee Yet to Review NNPCL’s Submissions
Senator Wadada assured Nigerians that the committee would thoroughly and impartially review the company’s submissions before making any pronouncements or recommendations.
“I have refrained from making any public statement on the matter until the committee has formally reviewed the report,” he said.
“But as I promised earlier, we will do justice to the matter.”
He emphasised that the committee’s review would be guided by facts, documents, and financial evidence to ensure accountability in public finance management.
More Irregularities Emerge in NNPCL Operations
Naijaonpoint reports that beyond the ₦210 trillion audit queries, the committee chair revealed that fresh concerns had emerged regarding NNPCL’s operational efficiency, particularly in its Production Sharing Contracts (PSCs) and the financial performance of NNPC Retail, a subsidiary of the company.
“We’ve been told NNPC Retail is running at a loss, which is very concerning,” Wadada stated.
“We find it hard to understand how a retail arm of the national oil company would operate at a loss in today’s market environment. This, too, will be examined.”
The Senate Committee on Public Accounts had earlier, on July 29, issued a three-week deadline to the NNPCL Group Chief Executive Officer, Engr. Bayo Ojulari, to explain the ₦210 trillion discrepancies flagged by auditors.
Wadada reiterated that the committee would make its findings public once the review was completed, stressing that the Senate remained committed to transparency and due process.
“We will not conceal anything from Nigerians. Once the committee has reviewed the responses, our findings will be presented openly,” he said.
“The goal is to ensure accountability in the management of public resources and rebuild public confidence in national institutions.”
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