The Senate has ordered the Nigerian National Petroleum Company Limited (NNPCL) to refund a total of ₦210 trillion allegedly missing from its remittances to the Federation Account.
This resolution followed the adoption of a report by the Senate Committee on Public Accounts, which uncovered major discrepancies in the company’s financial records. According to the committee, large sums generated from crude oil sales and other transactions were either unremitted or poorly accounted for over several years.
Chairman of the committee, Senator Aliyu Wadada, said the discovery was made during an extensive audit of NNPCL’s financial operations. He explained that the review revealed gaps between declared earnings and actual transfers to the national treasury.
Lawmakers expressed concern over the findings, describing the shortfall as “a serious breach of public trust.” They urged the NNPCL to reconcile its accounts immediately and remit the missing funds to the Federation Account.
The Senate also called on the Auditor-General of the Federation to carry out an independent forensic audit of NNPCL’s books, vowing to hold those responsible for the alleged financial infractions accountable.
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