NNPCL Responded To Queries On Unaccounted N210trn – Senate

Through its committee on Public Accounts, the Senate declared Tuesday that the Nigerian National Petroleum Company (NNPCL) has responded to 19 queries raised against it in the Audit reports of 2017 to 2023.

On July 29th this year, the Committee gave the Chief Executive Officer of NNPCL, Engineer Bayo Ojulari, three weeks to respond to the 19 queries on N210 trillion yet to be accounted for in the National Oil Company’s audited account.

Responding to journalists’ questions at the close of plenary on Tuesday about whether NNPCL had responded to the queries, the Chairman of the Committee, Senator Aliyu Wadada (Nasarawa West), said yes, but explained that the responses had yet to be critically examined.

He said, “While we were in recess, management of NNPCL wrote to the committee requesting an extension of time to enable them to compile data and respond comprehensively to the questions we raised, and we granted that request.

“They have since responded, and we now have answers to all 19 questions we sent them.

“However, the report has yet to be presented to the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

“But let me assure you, as I promised on behalf of the committee, we will do justice to the matter.”

He added that, beyond the audited financial statements, other issues are emerging around the NNPC.

According to him, the first of such issues is production sharing contracts — specifically, the production cost to Nigeria, which must be clearly defined. The public should know what portion goes to the NNPC, what goes to the international oil companies (IOCs), and what accrues to the government under the production sharing arrangement.

“Furthermore, the committee has been informed that NNPC Retail has declared a loss.

“This development is also of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us.

“As far as the audited financial statements are concerned — which cover the period between 2017 and 2023 — NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.

“Out of those answers, the ones that make sense and those that do not will be evident to the public”, he stressed.