Senate Rejects NNPCL’s Explanation over an alleged missing ₦210 trillion
The Nigerian Senate has firmly rejected the Nigerian National Petroleum Company Limited’s (NNPCL) explanation regarding the alleged missing ₦210 trillion for the period between 2017 and 2023. The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, expressed deep concerns over the company’s inability to satisfactorily address 19 audit queries issued by the Office of the Auditor-General of the Federation.
NNPCL claimed that ₦103 trillion of the funds were accrued expenses and ₦107 trillion were receivables, a total of ₦210 trillion. However, the Senate committee found these figures to be unrealistic and contradictory to documented records. For instance, the company stated it had paid ₦103 trillion in cash calls to joint venture partners in 2023 alone, despite total crude oil revenue between 2017 and 2022 being only ₦24 trillion. The committee deemed this explanation unjustifiable and demanded that the ₦103 trillion be returned to the national treasury.
Additionally, NNPCL’s claim that part of the ₦107 trillion receivables were held in defunct banks was dismissed due to a lack of evidence and failure to name the banks or provide proof of funds. The committee warned that if the current management cannot provide satisfactory explanations, former managing directors and officials from the National Petroleum Investment Management Services (NAPIMS) will be summoned.
Senator Wadada emphasized that Nigerians deserve transparency and that the committee will not allow these public funds to go unaccounted for, signaling a strong stance against financial mismanagement within the state oil company.
