NNPCL responds to Senate audit queries on ₦210 trillion discrepancy

The Nigerian Senate has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has responded to 19 audit queries concerning an unaccounted ₦210 trillion. The queries, which span the company’s financial activities from 2017 to 2023, were issued after discrepancies were found in NNPCL’s audited accounts, which have been described as lacking transparency.

Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts, disclosed that NNPCL submitted its responses during the Senate recess, after being granted an extension to compile the necessary data. The committee had given the company’s CEO, Engr. Bayo Ojulari, a three‑week deadline to provide answers regarding the unaccounted funds. The committee will now conduct a thorough review of the responses before making any public statements.

Senator Wadada assured that the review will be impartial and that the findings will be released once the process is complete. He also noted additional concerns about NNPCL’s operations, including its production‑sharing contracts and the financial losses recorded by NNPC Retail, a subsidiary that is operating at a loss despite the current market environment.

The NNPCL’s responses represent a significant development in the Senate’s effort to ensure transparency and accountability in the company’s financial activities. The committee’s review will shed light on how the company manages funds and address concerns about its operations. The outcome is expected to be made public, providing Nigerians with a clearer understanding of NNPCL’s financial dealings.

This investigation is part of the Senate’s oversight function, aimed at ensuring that public funds are managed efficiently and effectively. By scrutinizing the company’s accounts and operations, the committee demonstrates its commitment to promoting transparency and accountability in the management of Nigeria’s oil resources. As the review continues, Nigerians await the results, seeking clarity on the company’s financial dealings and the measures being taken to resolve the discrepancies found in its audited accounts.