The Senate Committee on Public Accounts has officially confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted written responses to all 19 audit queries relating to the colossal \text{N}210 trillion discrepancies flagged in its financial statements covering the period from 2017 to 2023.
This confirmation marks a significant procedural step in one of the most rigorous financial scrutiny exercises undertaken by the 10th Senate, with the Committee vowing to conduct a thorough and impartial review of the submissions.
Senator Aliyu Wadada, the Committee Chairman, disclosed on Tuesday that the written explanations had been received from the NNPCL management, fulfilling the ultimatum issued to the corporation’s Group Chief Executive Officer, Engineer Bayo Ojulari, in July.
The NNPCL had initially requested an extension beyond the three weeks granted by the committee to properly compile the extensive data required, a request which the Senate ultimately granted.
The core of the investigation revolves around a staggering N210 trillion figure derived directly from the NNPCL’s own audited financial reports, which the Auditor-General for the Federation found to be inadequately substantiated.
Senator Wadada has repeatedly clarified that this figure does not imply money was stolen or missing, but rather that it represents N103 trillion in liabilities and N107 trillion in assets that require concrete, verifiable accounting and clarification from the national oil company.
The Committee’s mandate is rooted in its constitutional responsibility to ensure transparency and accountability in the management of public funds, particularly those within the nation’s economic powerhouse.
However, despite the NNPCL’s submission, the crucial task of determining the adequacy and accuracy of the answers lies ahead. Senator Wadada stressed that the responses have not yet been presented and scrutinized by the full committee membership, hence the content—whether positive or negative—remains undisclosed.
He assured Nigerians and the media that there would be a comprehensive briefing on the findings once the Committee concludes its meticulous deliberation.
Beyond the massive audit queries, the Committee’s ongoing probe has also extended to other areas of concern in NNPCL’s operations.
The Chairman revealed that the Senate is examining the complexity of Production Sharing Contracts (PSCs) and the cost structure of crude production, seeking clarity on how revenue is split between the NNPCL, International Oil Companies (IOCs), and the Federal Government.
An additional point of public concern that has surfaced is the reported financial loss declared by NNPC Retail Limited, a subsidiary, which the Committee finds difficult to understand and will demand clarification on when the corporation’s GCEO is recalled to defend the written submission.
The Senate’s commitment to a thorough review underscores the seriousness of the issue and the public’s demand for probity in the post-Petroleum Industry Act (PIA) era, where the NNPCL is expected to operate as a commercially driven entity.
The next phase, involving the scrutiny of the 19 responses and the subsequent appearance of the NNPCL management for physical defence, will ultimately determine if the oil giant has successfully accounted for the mind-boggling financial discrepancies.
