Nigerian Senate Clarifies N210 Trillion NNPCL Audit Finding
The Senate Committee on Public Accounts clarified Thursday that N210 trillion in financial infractions against the Nigerian National Petroleum Company Limited (NNPCL) represents unaccounted funds, not stolen money.
The massive figure emerged from an ongoing audit investigation into NNPCL’s financial operations. Committee members emphasized the distinction between unaccounted funds and outright theft, suggesting the discrepancy may involve documentation issues or accounting irregularities rather than criminal activity.
The audit reportedly requires NNPCL official Ojulari to appear before the committee to provide explanations for the financial gaps. The Senate committee is demanding detailed documentation to account for the missing funds in the state oil company’s records.
This development comes as Nigeria faces mounting pressure to improve transparency in its oil sector operations. The NNPCL, which manages the country’s petroleum resources, has faced previous scrutiny over financial accountability and revenue reporting.
The N210 trillion figure represents one of the largest financial discrepancies ever reported in Nigeria’s public sector. The committee’s investigation aims to determine whether the unaccounted funds result from poor record-keeping, administrative errors, or more serious financial misconduct.
Senate investigators are expected to continue examining NNPCL’s financial records while awaiting Ojulari’s testimony. The outcome could significantly impact Nigeria’s oil revenue management and public trust in the petroleum sector.
