The Nigerian Senate has strongly rebuked the Nigerian National Petroleum Company Limited (NNPCL) for failing to appear at a scheduled hearing to explain alleged financial discrepancies totaling N210 trillion in its 2017–2023 statements. Senate Committee on Public Accounts Chairman, Aliyu Ahmed, expressed frustration at the absence of NNPCL officials, noting that the company itself had chosen the date for the hearing.
According to the committee, NNPCL claimed N103 trillion in accrued expenses and N107 trillion in receivables during the six-year period. The Senate rejected these figures, citing legal and financial impossibilities, particularly the claim of N103 trillion in cash call payments to joint venture partners in 2023, despite cash calls being abolished in 2016. Ahmed demanded a clear accounting of the funds, emphasizing that unverified public money cannot be allowed to remain unaccounted for.
The committee also flagged questionable practices by NNPCL and its subsidiary, the National Petroleum Investment Management Services (NAPIMS), including illegal subsidies on crude oil and refined petroleum products. Ahmed warned that if the management failed to provide satisfactory explanations, former officials could be subpoenaed. He stressed that legislative oversight is mandatory and separate from investigations by the EFCC or ICPC.
Meanwhile, the House of Representatives reconvened for plenary but adjourned abruptly after a two-hour executive session, leaving several bills and motions unattended. Speaker Abbas Tajudeen presided over the session, which included prayer and announcements, but no details were released about the closed-door meeting. Lawmakers had previously protested delays in fund releases for capital projects, contributing to a tense atmosphere.
Deputy Speaker Benjamin Kalu presided over part of the executive session, during which members expressed frustration over contractors abandoning project sites nationwide due to unpaid certificates. The adjournment leaves urgent bills and constituency projects in limbo, highlighting ongoing challenges in legislative oversight and budget implementation.
source: The Guardian