The Senate, on Tuesday, faulted the Nigerian National Petroleum Company Limited (NNPCL) for failing to provide satisfactory explanations regarding unaccounted funds amounting to ₦210 trillion, covering the financial years 2017 to 2023.
The Upper Chamber, through its Committee on Public Accounts chaired by Senator Aliyu Wadada (Nasarawa West), expressed disappointment that despite multiple opportunities, the state-owned oil company failed to fully address 19 audit queries raised against it by the Office of the Auditor-General of the Federation.
According to the committee, the NNPCL had been notified of the hearing and had requested that the appearance be fixed for Tuesday, but its officials failed to show up, opting instead to send written responses. Lawmakers described the company’s absence as “unacceptable” and a “clear disregard for parliamentary oversight.”
Senator Wadada said the committee would not accept mere written explanations in a matter of such magnitude, insisting that the NNPCL must appear in person to defend its records before the legislature.
“The figures involved are enormous. The NNPCL cannot treat this as routine correspondence. We are talking about ₦210 trillion of public funds that must be properly accounted for,” Wadada stated.
He added that the committee would reconvene and consider issuing a summons if the company’s leadership failed to appear at the next sitting, stressing that the Senate would not tolerate any attempt to undermine transparency and accountability in public finance management.
Several senators backed the committee’s position, noting that the NNPCL’s failure to respond adequately to the Auditor-General’s audit queries raised questions about corporate governance and fiscal discipline within the organization.
The development marks another chapter in the ongoing scrutiny of the NNPCL’s financial records, as lawmakers intensify efforts to ensure greater accountability in Nigeria’s oil and gas sector — the country’s main revenue source.
