Group Urges Patience as Senate Reviews NNPCL’s N210 Trillion Audit Queries

The Network for Transparency and Economic Reform (NETER) has called on Nigerians and the media to allow the Senate Public Accounts Committee to independently complete its review of the Nigerian National Petroleum Company Limited’s (NNPCL) audit responses.

This plea follows the NNPCL’s submission of detailed answers to 19 audit queries raised by the Auditor-General of the Federation. The queries address discrepancies of approximately N210 trillion in the company’s financial statements spanning from 2017 to 2023.

Call for Independence and Fair Outcome.

The Senate Committee on Public Accounts has confirmed receiving the documents and is set to begin a full review soon.

In its statement on Friday, NETER stressed the importance of giving the review process the necessary time and independence to ensure a fair outcome.

NETER’s President, Dr. Lukas Yusuf, noted that the committee’s scrutiny will help strengthen institutional accountability within the vital oil and gas sector. He highlighted that this is the first time the company is publicly engaging with an audit of this size since transitioning into a limited liability company under the Petroleum Industry Act (PIA).

Yusuf affirmed that NETER will continue to monitor the proceedings and release an independent assessment after the Senate concludes its review.

He underscored that transparency and consistent public oversight are crucial for rebuilding confidence in the management of Nigeria’s oil revenues.