Senate Demands Breakdown of ₦210 Trillion NNPC Account Figures

The Senate Committee on Public Accounts issued a one-week ultimatum to external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) to provide a detailed breakdown of over ₦210 trillion in unreconciled figures. The sum comprises approximately ₦107 trillion in receivables and ₦103 trillion in payables found within the company's audited financial statements.

During a hearing in Abuja, committee members rejected the auditors' request for a two-week extension and their claim that NNPC Ltd. should provide the explanations. Lawmakers invoked the 1999 Constitution to override claims of commercial confidentiality, asserting that auditors are independently responsible for the opinions they certify. Committee Chairman Ibrahim Dankwambo clarified that the Senate is not alleging funds are missing, but is concerned that figures of such magnitude remain unexplained.

Bala Wunti, the former Group General Manager of the National Petroleum Investment Management Services, later testified that the ₦210 trillion figure resulted from a misinterpretation of accounting entries. Wunti argued that the receivables and accrued expenses were wrongly added together and further clarified that the cost of incorporating NNPC Ltd. was approximately ₦2.45 billion in statutory payments, rather than ₦5.8 billion. The committee is currently reviewing Wunti's written submission to determine if further clarification is required.