The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted responses to 19 audit queries concerning an unaccounted N210 trillion in its financial reports between 2017 and 2023.
Chairman of the committee, Senator Aliyu Wadada, disclosed this in an interview with journalists in Abuja.
Wadada explained that the committee had yet to thoroughly examine the company’s responses, adding that the findings would be presented before the members in due course.
“While we were on recess, the management of NNPCL wrote to the committee, requesting more time to compile data and respond comprehensively to our questions, which we granted. They have since submitted their answers to all 19 questions,” he said.
He added that he had refrained from public comment on the issue until the report was properly laid before the committee.
“But let me assure you, as I promised earlier, we will do justice to the matter,” he stated.
The chairman noted that beyond the audit reports, the committee was also examining other matters related to NNPCL’s operations, particularly production sharing contracts.
“Specifically, we want clarity on Nigeria’s production costs and how proceeds are shared among NNPCL, international oil companies, and the government under the production sharing arrangement,” he explained.
Wadada further revealed that NNPCL Retail had declared a loss, describing the development as worrisome and requiring clarification.
“We find it difficult to understand why NNPCL Retail should record a loss, but we will seek clarification when the corporation appears before us,” he said.
He assured that Nigerians and the media would be informed of the committee’s findings once deliberations were completed.
(NAN)