Senate Demands Explanation for ₦210tn NNPC Discrepancy

On Wednesday, the Senate's Public Accounts Committee instructed external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd) to provide a detailed breakdown of a ₦210 trillion discrepancy in the company's financial records within one week. Lawmakers expressed dissatisfaction with the auditors' inability to reconcile figures related to approximately ₦107 trillion classified as receivables and ₦103 trillion recorded as payables.

During the hearing, the auditors indicated that additional time was required to retrieve necessary documents, which drew criticism from committee members. Senate Chairman Ibrahim Dankwambo questioned why the auditors could not produce supporting schedules for figures already contained in the financial statements.

The committee emphasized its investigatory powers under sections 88 and 89 of the 1999 Constitution, insisting that the auditors must appear and defend their audit opinions. The ongoing scrutiny of NNPC Ltd's financial statements has raised serious questions about the integrity of the audit process and whether proper procedures were followed.