Sen. Wadada clarified that the funds were not declared missing or stolen but comprised ₦103tn liabilities and ₦107tn assets requiring proper reconciliation.
The Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to provide written responses to 19 audit queries on ₦210 trillion in unaccounted funds within three weeks.
The directive came Tuesday from the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada, after a session with NNPCL’s Group Chief Executive Officer, Bayo Ojulari.
Wadada clarified that the funds were not declared missing or stolen but comprised ₦103tn liabilities and ₦107tn assets requiring proper reconciliation.
“The N210tn unaccounted for is broadly in two components… which must be accounted for. None of the 19 questions came from the executive or judiciary but from the Auditor-General’s report covering 2017 to 2023,” Wadada explained.
Ojulari, who assumed office just over 100 days ago, apologized for earlier absences and requested time to prepare. “I will get a team… and engage the external auditors and other relevant groups,” he assured.
The committee granted him three weeks instead of the four he requested.
Senators Victor Umeh, Babangida Hussaini, and Tony Nwoye underscored the need for transparency, stressing that NNPC’s management must address the queries given its central role in Nigeria’s economic stability.