The Senate has confirmed that the Nigerian National Petroleum Company Limited has submitted detailed responses to 19 audit queries relating to alleged ₦210 trillion in unaccounted funds within its financial records between 2017 and 2023.
The confirmation came from Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts representing Nasarawa West, during a media briefing at the National Assembly in Abuja on Wednesday.
Senator Wadada disclosed that NNPCL management had written to the committee during the National Assembly’s recess requesting additional time to compile relevant data and documents before providing comprehensive responses 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 stemmed from inconsistencies in the audited accounts of the national oil company, which the Senate had previously described as “lacking transparency and accountability.”
Senator Wadada assured Nigerians that the committee would conduct a thorough and impartial review of the company’s submissions before issuing any statements 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 emphasized that the committee’s assessment would be based on facts, documents, and financial evidence to ensure accountability in public finance management.
Beyond the ₦210 trillion audit queries, Senator Wadada revealed that fresh concerns have emerged regarding NNPCL’s operational efficiency, particularly concerning its Production Sharing Contracts 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 on July 29 issued a three-week deadline to NNPCL Group Chief Executive Officer, Engr. Bayo Ojulari, to explain the ₦210 trillion discrepancies identified by auditors.
Wadada reiterated that the committee would make its findings public once the review is completed, emphasizing the Senate’s commitment 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.”
