The Nigerian Senate has issued a firm ultimatum to the Nigerian National Petroleum Company Limited (NNPCL), demanding a full account of N20.1 trillion in alleged missing oil revenue.
The directive follows a report by the Senate Committee on Finance, which uncovered discrepancies in the company’s financial records, particularly regarding unremitted funds from crude oil sales and other petroleum-related transactions.
During a plenary session, lawmakers expressed deep concern over the staggering sum, emphasising that such financial irregularities undermine the nation’s economy and fuel public distrust.
The Senate has given the NNPCL a 14-day deadline to provide detailed documentation clarifying the whereabouts of the funds. Failure to comply, the Senate warned, would result in stricter legislative actions, including potential sanctions or a full-scale audit of the company’s accounts.
The Senate Committee on Finance revealed that the missing funds were identified through forensic analysis of oil production and revenue records from 2010 to 2023.
The committee noted that despite Nigeria’s substantial crude oil exports during this period, corresponding revenue was not fully reflected in the federation account. Lawmakers suspect possible diversion, underreporting, or mismanagement of funds.
NNPCL officials have yet to issue an official response but are expected to appear before the Senate for questioning. Analysts suggest this development could escalate tensions between the legislative arm and the state-owned oil firm, which has faced similar accountability issues in the past.
The Senate has vowed to pursue the matter rigorously, stressing that recovered funds must be channelled toward national development. This move aligns with broader efforts to enhance transparency in Nigeria’s oil sector, which remains critical to the country’s economic stability.
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cc: Daily Post Ng
