Nigeria’s Upper Legislative body, the Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to refund ₦210 trillion it could not account for to the Federation Account of the Nigerian Government.
The Senate gave the directive last week after rejecting the NNPCL’s written explanations on the N210 trillion unaccounted for in the company’s accounts between 2017 and 2023.
According to the committee’s report, the NNPCL’s audited records indicated ₦103 trillion as accrued expenses and ₦107 trillion as receivables, which the committee considered as questionable as they were not backed by documents.
The Committee, led by Aliyu Wadada, said that the panel reviewed all the 19 questions earlier sent to NNPCL for clarification, but found the responses “contradictory and unsatisfactory.”
The committee described the NNPCL’s explanations as unacceptable and recommended that the ₦210 trillion in question should be refunded to the Nigerian national treasury.
GIK/APA