Senate Uncovers Alarming Discrepancies in NNPC’s Financial Records

Senate Uncovers Alarming Discrepancies in NNPC’s Financial Records

The Senate Committee on Public Accounts has raised a red flag over the Nigerian National Petroleum Company Limited’s (NNPC) audited financial statements, citing discrepancies amounting to trillions of naira. The committee’s findings have described the revelations as “mind-boggling and worrisome.”

During an investigative session, the committee flagged the absence of detailed records justifying massive legal and auditing fees. The panel also noted contradictions in receivables reportedly worth over ₦210 trillion between 2017 and 2023. The lack of clear justifications for these fees and discrepancies has sparked serious concerns.

The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, has expressed deep concern over the NNPC’s financial management. The committee has handed queries to the NNPC’s finance team and given them one week to return with answers.

The discrepancies in NNPC’s financial records raise serious questions about the company’s financial management and accountability. The Senate’s investigation aims to get to the bottom of these discrepancies and ensure that public funds are properly managed.

The Senate’s probe into NNPC’s financial records highlights the need for transparency and accountability in the management of public funds. As the investigation continues, it is essential to ensure that those responsible for the discrepancies are held accountable and that measures are put in place to prevent similar issues in the future.