Senate Queries NNPCL Over N210 Trillion Discrepancy

The Nigerian Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a one-week deadline to explain a massive discrepancy of N210 trillion in its financial records.

The ultimatum was issued during a session of the Senate Committee on Public Accounts, where NNPCL’s top executives were grilled over the inconsistencies.

The committee chairman expressed outrage over the lack of transparency and accountability in NNPCL’s financial dealings, citing accrued expenses and receivables without supporting documentation or contracts.

The senator questioned the legitimacy of N600 billion in retention fees and unspecified legal fees, demanding to know how such huge sums were incurred without any records of services rendered.

The Senate has vowed to pursue the matter vigorously, exercising its oversight powers to get to the bottom of the financial irregularities.

The NNPCL has been put on notice to provide detailed explanations and supporting documents within the specified timeframe, or face further action from the Senate.