The Senate has given external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) one week to explain more than ₦210 trillion in financial entries that lawmakers say remain inadequately accounted for in the company’s audited statements.
The controversy centres on approximately ₦107 trillion listed as receivables and another ₦103 trillion recorded as payables.
Senators expressed frustration that repeated engagements with NNPC management had failed to produce detailed schedules supporting the figures. Instead, auditors reportedly referred lawmakers back to the company.
Chairman of the Senate Committee on Public Accounts, Senator Ibrahim Dankwambo, insisted that auditors who certified the accounts must provide the supporting documents and working papers used in arriving at the figures.
According to lawmakers, signing off on financial statements carries responsibility for defending their accuracy and completeness.
The development raises fresh concerns about transparency in the management of Nigeria’s oil wealth, particularly at a time when government revenues remain under pressure.
Critics argue that unexplained figures of such magnitude undermine public confidence in fiscal accountability and strengthen calls for deeper scrutiny of state-owned enterprises.
The auditors are expected to return before the committee with detailed explanations next week.
