₦200 Trillion Mystery: Senate Uncovers Alarming Gaps in NNPC’s Financial Records

The Senate Committee on Public Accounts has raised serious concerns over discrepancies totaling more than ₦200 trillion in the audited financial records of the Nigerian National Petroleum Company Limited (NNPC), describing the findings as both “mind-boggling” and “deeply troubling.”

During a Senate hearing on Wednesday, NNPC’s Chief Financial Officer, Dapo Segun, appeared before the committee to respond to emerging questions from the corporation’s audited financial statements covering the years 2017 to 2023.

Committee Chairman, Senator Aliyu Wadada, expressed alarm at the lack of documentation supporting massive expenditures, including legal and auditing fees. He noted that the NNPC failed to provide any clear justification for the accumulated costs, casting doubt on the legitimacy of the figures.

“Legal fees were recorded without any explanation or details of the services rendered. The same goes for auditing fees. Nothing in the documents gives a clear picture. What we’ve uncovered from the financial statements is extremely disturbing,” Senator Wadada said.

He added that the most alarming irregularity involves reported receivables exceeding ₦210 trillion, with figures from newly submitted documents contradicting previously audited reports.

“The document we received today does not align with the audited financials. It is inconsistent and raises more questions than answers,” he stated.

The committee emphasized that its findings are based strictly on official audits and not on assumptions or media reports. As a result, the NNPC has been issued 11 formal queries and given a one-week deadline to provide detailed responses and clarifications.

Senator Wadada assured that the investigation will not be abandoned, especially in light of President Bola Tinubu’s Renewed Hope agenda, which places a premium on transparency, fiscal responsibility, and accountability in the management of public resources.