Senate Raises Alarm Over ₦200trn ‘Unaccounted Funds’ In NNPC Coffers

The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has expressed grave concern about irregularities involving trillions of naira in the audited financial records of the Nigerian National Petroleum Company Limited (NNPC), describing the revelations as mind-boggling and concerning.

During the investigative session on Wednesday, when the Chief Financial Officer, Dapo Segun, appeared before the committee, the lack of detailed records justifying massive legal and auditing fees was highlighted, as were contradictions in receivables reportedly worth over N210 trillion between 2017 and 2023.

The panel stated, “Legal fees were incurred without any justification or record of the legal services done. The auditors’ fees pose comparable concerns. There are no obvious justifications. Everything we’ve seen and heard about the audited financial statements is alarming.”

Senator Wadada added that the biggest problem is the receivables.

“Trillions of naira are in question, and the new paper they gave this afternoon contradicts what is already in their audited report. “It’s completely independent and contradictory,” he explained.

The committee emphasised that the concerns originate directly from an examination of the NNPC’s audited financial statements from 2017 to 2023, not from speculation. The committee has now handed over a list of 11 questions to NNPC’s finance team, giving them one week to respond.

Senator Wadada also cautioned that the issue would not be ignored, especially because the Tinubu administration’s Renewed Hope policy promotes transparency and accountability in public expenditure.

Meanwhile, Rivers State’s Sole Administrator, Admiral Ibok-Ete Ibas (retd.), is due to appear before the Senate Ad Hoc Committee on Rivers State Emergency Rule to defend the state’s proposed N1.48 trillion budget for the fiscal year 2025.