Senate Committee Promises to Critically Examine Responses
The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has responded to all 19 audit queries raised against it over the alleged unaccounted ₦210 trillion.
The queries were contained in the Auditor-General’s reports covering 2017 to 2023.
Chairman of the Committee, Senator Aliyu Wadada (Nasarawa West), disclosed this on Tuesday while addressing journalists shortly after plenary at the National Assembly in Abuja.
He explained that while the NNPCL management had earlier requested additional time to compile and submit comprehensive responses, the committee has now received all the required documents and explanations from the company.
“While we were on recess, the management of NNPCL wrote to the committee requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised and we granted that request,” Wadada said.
“They have since responded, and we now have answers to all 19 questions we sent to them.
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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 Senate Committee had, on July 29, given the NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, a three-week deadline to respond to the 19 audit queries relating to the alleged unaccounted funds in the company’s books.
Senator Wadada further revealed that beyond the audit queries, the committee will also scrutinize other emerging issues involving NNPCL operations, including the cost structure and revenue sharing formula in production sharing contracts (PSCs) between Nigeria, the national oil company, and international oil companies (IOCs).
“The first of such issues is production sharing contracts, specifically, the production cost to Nigeria, which must be clearly defined.
The public deserves to know what portion goes to NNPC, what goes to the IOCs, and what accrues to the government under these arrangements,” he said.
He also expressed concern over reports that NNPC Retail, one of the corporation’s subsidiaries, has declared a loss, describing the situation as “difficult to understand.”
“This development is of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” the senator noted.
Sen. Wadada assured Nigerians that the Senate Committee on Public Accounts will conduct a thorough and transparent review of the NNPCL’s submissions and make its findings public in due course.
“As far as the audited financial statements are concerned which cover the period between 2017 and 2023 NNPC 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 stated.
The Senate’s probe into NNPCL’s accounts is part of a broader effort to enhance fiscal accountability, transparency, and oversight of public corporations handling Nigeria’s strategic economic assets.
