Senate Investigates NNPCL, CBN Over NEITI Audit Reports

The Senate has scheduled an investigation into Nigeria's oil and gas sector, set to commence on August 3 at the National Assembly Complex in Abuja. The inquiry will involve the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), and various oil companies, as they are summoned to address issues raised in the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports for 2021, 2022, and 2023.

The Senate Public Accounts Committee, chaired by Senator Ibrahim Hassan Dankwambo, will scrutinize revenues, remittances, and compliance with statutory obligations across the extractive industry. The committee's authority is derived from Sections 88, 89, and 85(5) of the 1999 Constitution (as amended).

The hearings will also involve appearances from several regulatory bodies and government agencies, including the NEITI, NUPRC, and NDDC, with a focus on compliance with the NEITI Act and other relevant laws.