ABUJA, Nigeria – June 2025
The Nigerian Senate has issued a renewed 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPC Ltd) to provide detailed explanations and documents regarding the alleged non-remittance of ₦210 trillion in revenue. This comes after the Senate Committee on Public Accounts firmly rejected NNPC’s request for a two-month extension to respond to the query.
At a heated session on Tuesday, Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada (SDP, Nasarawa West), insisted that the NNPC must account for the massive shortfall traced to crude oil sales and associated transactions between 2014 and 2022.
Wadada disclosed that the amount in question, flagged in an audit query raised by the Office of the Auditor General of the Federation, includes unremitted earnings from crude oil lifting, royalties, and other statutory deductions.
He noted that despite previous notices and multiple invitations, the NNPC has failed to provide satisfactory documentation or a credible breakdown to justify the discrepancy.
“The Committee has resolved not to grant the two-month extension requested by NNPC. Instead, they have 10 working days to submit the necessary documents and appear before us to clarify these figures,” Senator Wadada stated.
The committee also accused NNPC of consistently ignoring audit queries, undermining transparency, and frustrating efforts to ensure accountability in the nation’s oil sector. Members stressed that the Senate would not tolerate any further delays, especially in light of current economic challenges and dwindling revenue.
Meanwhile, NNPC’s management, through a letter signed by its Executive Director, had appealed for more time to “gather records from legacy institutions” and reconcile historical financial data. However, this was flatly rejected by the committee as a “delaying tactic.”
The ₦210 trillion controversy adds to mounting concerns over opacity in the operations of Nigeria’s oil sector and has reignited calls for stronger legislative oversight over state-owned enterprises.
As the countdown begins, all eyes are on the NNPC to comply with the Senate’s directive or face potential sanctions in accordance with legislative provisions.
