Senate Gives NNPCL April 29 Deadline Over N210tn Audit Queries
The Nigerian Senate has issued a firm directive to the Nigerian National Petroleum Company Limited to respond to audit queries amounting to N210 trillion, setting an April 29 deadline for full clarification and accountability.
The directive followed a review of audit reports covering the period between 2017 and 2023, during which lawmakers raised concerns over discrepancies, undocumented expenditures, and unresolved financial entries linked to the state-owned oil firm. The Senate Committee on Public Accounts, which is overseeing the probe, stressed the need for transparency in the management of public funds, particularly within the oil and gas sector that remains Nigeria’s primary revenue source.
Chairman of the committee, Aliyu Wadada, said the magnitude of the audit queries necessitated urgent attention, noting that failure by NNPCL to provide satisfactory explanations within the stipulated timeframe could attract further legislative action. He emphasized that the exercise is part of broader efforts to enforce fiscal discipline across government-owned enterprises.
The queried sum reportedly stems from accumulated financial issues identified in annual audit reports, including reconciliation gaps, questionable deductions, and unverified remittances. Lawmakers expressed concern that such lapses, if left unaddressed, could undermine public trust and weaken Nigeria’s fiscal stability.
In response, officials of NNPCL indicated their readiness to engage with the Senate and provide the required documentation. The company maintained that some of the figures under review may have been misinterpreted or require contextual clarification based on operational frameworks and accounting practices within the petroleum industry.
The development underscores renewed scrutiny of state institutions amid ongoing reforms aimed at improving governance and accountability. Analysts say the outcome of the probe could have significant implications for transparency in Nigeria’s oil sector and the broader management of public finances.
