Senate Probes Oil Sector, Summons Key Agencies for Audit

On August 3, 2023, the Nigerian Senate, via its Committee on Public Accounts, initiated a comprehensive oversight exercise targeting the oil and gas sector. The committee, chaired by Senator Ibrahim Hassan Dankwabo of Gombe North, summoned the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), and major international and indigenous oil companies to address concerns raised in the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports for the years 2021, 2022, and 2023.

The two-day scrutiny aims to evaluate revenues, remittances, and operational activities within the extractive sector to enhance transparency and accountability. Over 60 government institutions are invited to participate in the hearings, which will begin with appearances from NEITI, NUPRC, CBN, and NDDC.

The hearings will assess compliance with constitutional provisions and applicable laws governing the sector, with a focus on promoting revenue assurance and transparency in managing Nigeria's petroleum resources.