NNPC and INEC to Face House Probe Over N802bn Breaches

The Public Accounts Committee of the House of Representatives will interrogate officials from the Nigerian National Petroleum Company Limited (NNPCL) and the Independent National Electoral Commission (INEC) on October 5 and 6 regarding alleged financial breaches exceeding N802.19bn. These allegations stem from the Auditor-General for the Federation's reports covering the financial years 2021, 2022, and 2023, which raised concerns about procurement procedures, revenue management, and compliance with financial regulations.

The committee, chaired by Bamidele Salam, is authorized under the 1999 Constitution to investigate such financial issues. The NNPCL faces queries amounting to N514bn, including irregular deductions from domestic crude oil sales and unauthorized deductions from Federation revenue.

INEC is expected to clarify issues related to alleged financial breaches of approximately N288.19bn as per the 2022 and 2023 audits. The committee will require supporting documents and explanations from both agencies during the sessions at the National Assembly Complex.