The Senate Committee on Public Accounts has raised fresh alarm over financial discrepancies in the Nigerian National Petroleum Company Limited (NNPC) accounts, citing over ₦200 trillion in questionable receivables from 2017 to 2023.
During a tense session on Wednesday, Committee Chairman Senator Aliyu Wadada described the revelations as disturbing. The committee confronted NNPC’s Chief Financial Officer, Dapo Segun, over inconsistencies in recently submitted documents and unexplained legal and audit fees.
“Trillions of naira are missing clear justification. The new figures contradict the audited statements. This raises serious red flags,” Wadada stated.
Senate Demands Answers to 11 Queries
Lawmakers flagged legal and auditor fees that lacked any breakdown or explanation. They criticized the finance team for presenting figures that didn’t match officially audited statements.
“These concerns aren’t based on assumptions,” Wadada said. “We identified them directly from NNPC’s audited reports. We’ve issued 11 queries and expect detailed responses in one week.”
Wadada stressed that the Senate won’t let the issue fade. He linked the probe to President Bola Tinubu’s Renewed Hope agenda, prioritizing transparency and financial accountability.
Rivers State Faces Probe Over ₦1.48trn Spending Plan
Separately, the Senate Ad-Hoc Committee on Rivers State Emergency Rule has summoned retired Admiral Ibok-Ete Ibas, the state’s Sole Administrator. He must explain Rivers’ proposed ₦1.48 trillion expenditure for the 2025 fiscal year. Lawmakers said the session will further test the Senate’s resolve to enforce budget discipline nationwide.