By Erewunmi Peace

The Senate of the Federal Republic of Nigeria has directed the Nigerian National Petroleum Company Limited (NNPCL) to refund a total of ₦210 trillion allegedly unremitted to the Federation Account between 2017 and 2023.

The directive followed revelations by the Senate Committee on Public Accounts, which reviewed the company’s audited financial statements over the seven-year period. According to the committee’s findings, the audit uncovered ₦103 trillion listed as “accrued expenses” and ₦107 trillion as “receivables,” both of which were deemed unexplained or insufficiently justified.

Committee Chairman, Senator Aliyu Wadada, expressed dissatisfaction with NNPCL’s written explanations, describing them as “inconsistent and unsatisfactory.” He said the committee had expected a clearer breakdown of the transactions and called on the company to remit the unaccounted funds immediately to the Federation Account.

The Senate also criticized the Group Chief Executive Officer of NNPCL, Bayo Ojulari, for failing to appear before the committee after being summoned. Lawmakers said his absence raised further concerns about transparency and accountability in the management of national oil revenues.

In its written submission, NNPCL maintained that the figures in question were part of ongoing reconciliations involving subsidy payments, exchange rate differentials, and joint venture funding. However, the Senate insisted that the explanation failed to justify the massive discrepancy and reaffirmed its directive that the funds be refunded or properly accounted for.

The committee announced plans to summon top management officials of NNPCL again next week for further clarification, warning that failure to comply could attract sanctions.

This development has sparked public debate about the management of petroleum revenue in Nigeria and renewed calls for transparency in state-owned enterprises.