Senate Gives NNPC One-Week Deadline to Explain ₦210 Trillion Financial Discrepancies

In a dramatic move that underscores growing concerns over transparency in Nigeria’s oil sector, the Senate has issued a one-week ultimatum to the Nigerian National Petroleum Company Limited (NNPC) to account for over ₦210 trillion in financial discrepancies uncovered in its audited reports spanning 2017 to 2023.

The resolution was passed during plenary on Wednesday following revelations of significant inconsistencies in NNPC’s financial statements. Lawmakers, visibly alarmed, demanded urgent clarifications from the state-owned oil giant, insisting that such a staggering figure raises serious questions about accountability, governance, and the integrity of public financial management.

Senators noted that the discrepancies emerged from audits conducted on NNPC’s books for the six-year period, prompting suspicions of either gross mismanagement or deliberate financial opacity.

The Senate’s ultimatum mandates the NNPC management to appear before its relevant committees within seven days to provide a comprehensive explanation. The lawmakers emphasized that failure to comply would prompt further legislative action, including potential sanctions or escalated probes.

This latest development comes amid heightened scrutiny of public institutions and renewed efforts by the National Assembly to strengthen oversight of state-owned enterprises. It also adds to the mounting pressure on NNPC, which has repeatedly faced criticism for its lack of financial transparency despite claims of reforms and commercial transformation.

The Senate reaffirmed its commitment to ensuring accountability across all government entities, particularly those managing critical national revenue streams like oil and gas.

As the clock ticks on the one-week deadline, all eyes are now on the NNPC to deliver answers that could have far-reaching implications for Nigeria’s economic credibility and governance standards.