NNPCL financial oversight questioned as House adjourns plenary, leaving key bills and motions unattended amid audit discrepancies from 2017–2023

NNPCL financial oversight has come under intense scrutiny after the Nigerian National Petroleum Company Limited failed to appear before the Senate Committee on Public Accounts to explain alleged discrepancies in its 2017–2023 financial statements.

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The absence of NNPCL management, despite the date being set by the company, drew sharp condemnation from the committee.

Committee Chairman Aliyu Ahmed stressed that public funds must not go unaccounted for, particularly regarding the N210 trillion claimed as accrued expenses and receivables.

“Cash call arrangements were abolished in 2016. How can NNPCL claim to have paid N103 trillion in one year when it only generated N24 trillion in revenue over five years? That figure is unjustifiable and must be returned to the Treasury,” Ahmed stated.

The committee also flagged alleged illegal subsidy practices by NNPCL and its subsidiary, National Petroleum Investment Management Services (NAPIMS), between 2017 and 2021.

Ahmed warned that failure to provide satisfactory explanations would result in subpoenas for former officials.

Meanwhile, the House of Representatives, presided over by Speaker Abbas Tajudeen, resumed plenary but adjourned abruptly after a two-hour closed-door session, leaving many bills and motions unattended.

The session followed recent tensions over the non-release of funds for capital projects in the 2024 and 2025 budgets, which had frustrated lawmakers as contractors abandoned project sites nationwide.

“We operate openly and constitutionally. Legislative oversight of agencies like NNPCL is our duty. Appearing before EFCC or ICPC does not exempt anyone from scrutiny,” the committee chairman added.

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The outcome of the executive session remains undisclosed, but it is widely speculated to be linked to ongoing concerns over public fund management and accountability within NNPCL. Plenary is scheduled to reconvene today.

Source: Read more at iretura.com