The Senate has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted responses to 19 audit queries relating to an unaccounted ₦210 trillion covering the financial years 2017 to 2023.
Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada (Nasarawa West), who made the disclosure, explained that although the NNPCL had provided its responses, the Senate has not yet critically examined the submissions.
“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. They have now responded to all 19 queries, but the report is yet to be presented before the full committee,” Wadada stated.
The queries focus on discrepancies in the audited accounts of the national oil company, which lawmakers have previously described as lacking transparency.
Earlier, the committee had issued a three-week deadline to NNPCL’s Chief Executive Officer, Engr. Bayo Ojulari, on July 29, to provide explanations regarding the ₦210 trillion flagged in audit reports.
Senator Wadada assured Nigerians that the committee would conduct a thorough and impartial review of the company’s responses before making any public pronouncements.
“I have refrained from making any public statement on the matter until the committee has formally reviewed the report. But as I promised earlier, we will do justice to the matter,” he said.
Beyond the audit queries, Wadada disclosed that the committee is also examining other issues related to NNPCL’s operations, including its production sharing contracts (PSCs) and the recent revelation that NNPC Retail, a subsidiary of the company, recorded financial losses.
“We’ve been told NNPC Retail is running at a loss, which is very concerning. It’s 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,” he added.
The lawmaker concluded by assuring that once the committee completes its review, its findings will be made public.
