Senate Confirms NNPCL’s Response to 19 Audit Queries on ₦210 Trillion

The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted its responses to 19 audit queries concerning the alleged unaccounted ₦210 trillion in its financial statements from 2017 to 2023.

Chairman of the Committee, Senator Aliyu Wadada, disclosed this in an interview with journalists in Abuja.

Wadada explained that while NNPCL has provided responses to all the queries, the committee has yet to thoroughly review the documents.

The News Agency of Nigeria (NAN) recalls that on July 29, the committee gave NNPCL’s Chief Executive Officer, Mr. Bayo Ojulari, a three-week deadline to address the 19 audit issues relating to the company’s accounts.

“While we were on recess, the management of NNPCL wrote to the committee requesting an extension of time to compile data and respond comprehensively to our questions, and we granted the request,” Wadada said.

“They have since responded, and we now have answers to all 19 questions we sent to them. However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members. But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter,” he added.

The senator noted that beyond the audit queries, other critical issues surrounding NNPCL’s operations have come to light, including production sharing contracts.

“Specifically, the production cost to Nigeria must be clearly defined. The public deserves to know what portion goes to NNPCL, what goes to the international oil companies (IOCs), and what accrues to the government under the production sharing arrangement,” Wadada stated.

He also expressed concern over reports that NNPCL Retail had declared losses, saying the committee found it difficult to understand why a company in such a strategic position would operate at a loss.

“This development is of concern to us and to the public. We will seek clarification when the corporation appears before us,” he said.

Wadada assured that once the committee has reviewed NNPCL’s responses, Nigerians will be informed of the findings.

“As far as the audited financial statements are concerned, which cover the period between 2017 and 2023, NNPCL has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course. Out of those answers, the ones that make sense and those that do not will be evident to the public,” he emphasized.

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