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The Senate Committee on Public Accounts, led by Aliyu Wadada, has voiced grave concerns over "mind-boggling and worrisome" discrepancies, specifically N200 trillion in "unaccounted funds," within the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC) spanning 2017 to 2023. Queries were issued for explanations on massive legal and auditing fees, and contradictory receivables totaling over N210 trillion.
  • The alarm was raised during an investigative session where NNPC's Chief Financial Officer, Dapo Segun, appeared before the committee.
  • The Senate panel specifically flagged "Legal fees were accrued without any explanation or documentation regarding the legal services rendered" and similar issues with auditors' fees.
  • Senator Wadada emphasized that the primary concern lies with receivables, noting that a new document presented by NNPC contradicted their audited report.
  • The committee has issued 11 queries to NNPC's finance team, demanding answers within one week, and warned against attempts to "sweep the matter under the rug," citing the Tinubu administration's "Renewed Hope" agenda for transparency.

The scale of the missing or misreported figures is staggering than Nigeria’s entire GDP. By digging into NNPC’s books, the Senate is setting a new tone for fiscal accountability. But will this spark real reform or become just another cycle of “investigate and forget”?

As the Senate demands answers and the Tinubu government pushes for financial discipline, the spotlight is now squarely on NNPC’s finance team. With a one-week deadline looming, this probe could either be a game-changer or just more political theatre.