The Nigerian Senate has stated that it will not shy away from questioning any government official, including President Bola Ahmed Tinubu, if required during the ongoing investigation into the alleged ₦210 trillion discrepancy in the financial records of the Nigerian National Petroleum Company Limited (NNPCL).
This position was made known by Senator Aliyu Wadada, who represents Nasarawa West Senatorial District, during an interview on Channels Television.
According to Wadada, the Senate Committee on Public Accounts is prepared to summon or question any official connected to the matter if the investigation demands it. However, he noted that the committee does not believe President Tinubu is aware of the alleged discrepancies.
“We are not afraid to speak with the minister. If the need arises to invite or question the president, we will do so,” Wadada said.
The senator also dismissed claims that the probe is politically motivated, stressing that the committee’s work is focused solely on accountability and transparency, regardless of political affiliations.
During its review of the company’s financial records from 2017 to 2023, the Senate committee reportedly discovered two major figures that it said were not properly explained.
One of the figures is ₦103 trillion recorded as accrued expenses and liabilities, which the NNPCL attributed to joint venture cash calls. Lawmakers questioned the figure, noting that the company generated roughly ₦24 trillion in revenue within five years, making the ₦103 trillion claim difficult to justify.
The committee also raised concerns over another ₦107 trillion listed as sundry receivables—funds allegedly owed to the company by banks and other institutions. According to lawmakers, the amount remains unverifiable due to insufficient documentation.
In addition, the committee queried ₦5.9 billion reportedly spent on the company’s rebranding exercise, as well as alleged irregularities linked to fuel subsidy payments and disputed oil production costs.
Following the concerns, the current management of the Nigerian National Petroleum Company Limited has been directed to submit reconciled financial records after earlier explanations were rejected by lawmakers.
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