By Erewunmi Peace

The Senate Committee on Public Accounts has expressed dissatisfaction with the explanations provided by the leadership of the Nigerian National Petroleum Company Limited (NNPCL) regarding discrepancies totaling about ₦210 trillion in its audited financial statements.

During a recent session, the committee reviewed NNPCL’s financial records covering the period 2017 to 2023. The committee chairman, Senator Aliyu Wadada, said the current management, led by Group Chief Executive Officer Bayo Ojulari, failed to provide adequate clarification for the figures flagged in the audit.

The discrepancies relate mainly to liabilities and receivables that the company has not fully substantiated. The Senate committee has called for further explanations and is expected to summon former NNPCL officials to provide additional information.

While the committee’s report highlights these audit findings, it does not allege that the funds were misappropriated. Rather, the emphasis is on the need for transparency and accountability in accounting for the large figures identified.

The committee’s action underscores ongoing oversight efforts by the Nigerian Senate to ensure that government agencies and parastatals maintain accurate and accountable financial records.

Further updates are expected as the Senate continues its investigations into the matter.