Senate Raises the Alarm Over ₦200trn Unaccounted Funds in NNPC Coffers

The Nigerian Senate has raised a red flag over an alleged ₦200 trillion in unaccounted funds said to be sitting in the coffers of the Nigerian National Petroleum Company Limited (NNPC Ltd).

The alarm was raised during a recent plenary session, where lawmakers expressed serious concern over the lack of transparency in the financial records of the national oil company.

Although full details were not made public, the Senate maintained that there were discrepancies in NNPC’s financial submissions, raising suspicions of massive unremitted funds and unrecorded transactions over the years.

The development has sparked calls for an immediate investigation to unravel the status of the alleged ₦200 trillion and ascertain whether due process was followed in its management.

NNPC Ltd, which was officially commercialized in 2022, has come under increased scrutiny over its revenue remittances, subsidy claims, and handling of oil proceeds.

Lawmakers have urged relevant Senate committees to look into the matter and submit a comprehensive report. The probe is expected to cover the company’s dealings across multiple years, including its subsidy deductions and revenue declarations.

The Senate has vowed to ensure accountability and transparency in line with its constitutional oversight responsibilities.