The Nigerian Senate has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has responded to 19 audit queries related to an unaccounted ₦210 trillion. The queries cover the company’s financial activities from 2017 to 2023. Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts, disclosed that the NNPCL had submitted its responses during the Senate’s recess, after being granted an extension to compile the necessary data.

The audit queries were issued due to discrepancies found in the NNPCL’s audited accounts, which have been described as lacking transparency. The Senate Committee on Public Accounts had given the company’s CEO, Engr. Bayo Ojulari, a three-week deadline to provide answers regarding the unaccounted funds. The committee is now set to conduct a thorough review of the NNPCL’s responses before making any public statements.

Senator Wadada assured that the committee will conduct an impartial review of the responses and make its findings public once the process is complete. He also revealed that additional concerns have been raised regarding the NNPCL’s operations, including its production sharing contracts and the financial losses recorded by NNPC Retail, a subsidiary of the company. The committee finds it concerning that NNPC Retail is operating at a loss, despite the current market environment.

The NNPCL’s responses to the audit queries are a significant development in the Senate’s effort to ensure transparency and accountability in the company’s financial activities. The committee’s review of the responses will provide insight into the company’s management of funds and help to address concerns about its operations. The outcome of the review is expected to be made public, providing Nigerians with a clearer understanding of the NNPCL’s financial dealings.

The Senate’s investigation into the NNPCL’s financial activities is part of its oversight function, aimed at ensuring that public funds are managed efficiently and effectively. The committee’s efforts to scrutinize the company’s accounts and operations demonstrate its commitment to promoting transparency and accountability in the management of Nigeria’s oil resources. As the committee continues its review of the NNPCL’s responses, Nigerians await the outcome with interest, seeking clarity on the company’s financial dealings and the measures being taken to address the discrepancies found in its audited accounts.