The Nigerian Senate’s decision to demand answers from the Nigerian National Petroleum Company Limited (NNPCL) over ₦210 trillion in audit queries is not only constitutionally sound but necessary for public accountability.
Though NNPCL’s leadership has urged patience, the weight of the figures involved and the implications for national transparency justify the Senate’s assertive posture.
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However, the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada, has made it clear that the ₦210 trillion flagged in audit reports spanning 2017 to 2023 is neither presumed missing nor stolen.
Instead, the committee is acting on 19 audit queries raised by the Office of the Auditor-General for the Federation, focusing on reconciling discrepancies in NNPCL’s audited financial statements, particularly ₦103 trillion in liabilities and ₦107 trillion in assets.
“This committee had not at any time said the N210 trillion in question, as far as the queries are concerned, was stolen or missing,” Wadada clarified, reinforcing the committee’s intent to investigate and not accuse. His comments reflect a mature approach to oversight: not one driven by political posturing, but by the constitutional responsibility to scrutinise public finance.
This distinction matters. It frames the Senate’s demand not as a hostile confrontation but as a due process initiative, one aimed at shedding light on significant financial inconsistencies in a corporation that manages the backbone of Nigeria’s economic revenue.
NNPCL’s plea for time and its implications
In response, Bayo Ojulari, the relatively new Group Chief Executive Officer of NNPCL, appealed for more time to address the queries, citing his limited tenure of just over 100 days.
“I need more time to dig into the technicalities and perspectives of the issues,” he told the committee on Tuesday, pledging to engage external auditors and other relevant stakeholders to reconcile the figures.
Ojulari’s tone was conciliatory and respectful, acknowledging the importance of the Senate’s probe and expressing a willingness to cooperate.
Though he requested four weeks, the committee granted three, with a follow-up physical hearing scheduled. The GCEO’s commitment to a comprehensive response within the timeframe offered a practical compromise: it buys NNPCL time without allowing the issue to lose momentum.
This cooperative dynamic should be preserved, but not at the expense of rigorous scrutiny. Given the size of the amount in question, roughly four times Nigeria’s 2025 budget, it is imperative that all figures be verified, explanations documented, and accountability enforced.
Why the senate’s pressure is justified
The senators’ remarks reinforce the necessity of sustained pressure on NNPCL.
The company, responsible for managing the country’s refineries isn’t exactly known for its effectiveness and efficiency. Despite spending over $18 billion to rehabilitate Nigeria’s four state-owned refineries in Port Harcourt, Warri, and Kaduna, the facilities have produced little more than controversy and losses. The refineries remain largely non-functional.
Therefore, the senate’s pressure on NNPCL to push for accountability on the ₦210 trillion audit is long overdue.
Speaking at the panel hearing on Tuesday, Senator Victor Umeh of Anambra Central noted that the company “holds Nigeria’s economic prosperity,” while Jigawa North-West’s Senator Babangida Hussaini stated that the audit issues must be addressed because “governance is a continuum.”
These statements reflect a clear understanding that NNPCL’s handling of funds impacts everything from budget planning to investor confidence.
The queries themselves are not arbitrary. They originate from audited reports reviewed by the Office of the Auditor-General, an independent body tasked with safeguarding financial integrity in government operations. That alone gives the committee’s probe legitimacy. The Senate is not inventing problems but responding to documented financial reporting concerns that span six years.
Moreover, the restructuring of NNPC into a limited liability company under the Petroleum Industry Act (PIA) was meant to improve efficiency and transparency. If discrepancies in its financial records continue under this new structure, then senate intervention becomes even more critical.
A history of unfinished business
Yet, while the senate’s current posture is commendable, history invites scepticism. This is not the first time the legislature has raised the alarm over unaccounted funds in major institutions, including the oil sector. Too often, such inquiries generate headlines, committee sittings, and promises of follow-up, only to fizzle out quietly without clear outcomes or accountability.
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The true test will be whether this committee, and the broader senate, see this investigation through to resolution.
Philip Ibitoye is a Special Correspondent with EKO HOT BLOG. Click here to find daily analysis and critical insight on trending issues in Lagos and other parts of Nigeria.
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