The Nigerian Senate has issued a firm directive to the Nigerian National Petroleum Company Limited (NNPC), demanding full clarification on ₦210 trillion flagged in audit queries covering its financial records between 2017 and 2023.
The development has intensified legislative scrutiny over Nigeria’s national oil company, as lawmakers push for transparency and accountability in its operations.
Senate Issues April 29 Deadline to NNPC to Explain Audit
The Senate Committee on Public Accounts directed the Group Chief Executive Officer of NNPC, Bayo Ojulari, to appear before it on or before April 29, 2026, to respond to the audit concerns.
Lawmakers also summoned former management officials, including Mele Kyari and other senior executives, to provide detailed explanations regarding the financial discrepancies flagged in the audit reports.
The committee insisted that the explanations previously submitted were unsatisfactory and lacked sufficient detail.
Breakdown of the ₦210 Trillion Queries
The audit issues under review cover ₦210 trillion in questionable entries, divided into:
- ₦103 trillion reportedly classified as liabilities
- ₦107 trillion described as receivables and joint venture-related transactions
The Senate questioned the lack of clear documentation and breakdown of these figures, demanding full transparency in how the funds were recorded and utilised.
Lawmakers further stressed that vague explanations would no longer be accepted.
Senate Rejects Initial Audit Explanations by NNPC
The committee chairman, Senator Aliyu Wadada, said NNPC’s responses to 19 audit queries were unsatisfactory.
He noted that:
- Liability figures lacked proper breakdown
- Expenditure explanations were incomplete
- Key financial details were missing or unclear
The Senate warned that it would invoke its constitutional powers if NNPC officials failed to comply with the directive.
Bayo Ojulari Responds Confidently to Senate Summons
In response to the Senate’s directive, Bayo Ojulari reportedly assured stakeholders of NNPC’s readiness to fully engage with the National Assembly.
He expressed confidence that the company would:
- Provide comprehensive explanations to all audit queries
- Cooperate fully with legislative oversight
- Address concerns raised by lawmakers transparently and responsibly
Ojulari’s response signals a willingness by the current NNPC leadership to engage constructively with ongoing scrutiny and reinforce accountability within the organisation.
Stronger Oversight of Nigeria’s Oil Sector
The Senate’s action reflects a broader push to strengthen oversight of Nigeria’s oil and gas sector, which remains central to national revenue.
Key concerns driving the probe include:
- Revenue accountability in state-owned enterprises
- Transparency in financial reporting
- Efficiency in joint venture operations
The National Assembly has consistently maintained that improved oversight is critical to restoring public trust in the sector.
Senate Queries Audit: Implications for Governance and Transparency
Analysts say the ongoing probe could reshape expectations around financial reporting in major government-owned institutions.
Potential outcomes include:
- Stricter audit compliance frameworks
- Improved financial disclosure standards
- Enhanced legislative oversight mechanisms
The engagement between NNPC and lawmakers is expected to set a precedent for future accountability processes.
Conclusion
As the Nigerian Senate directs NNPC to explain ₦210 trillion in audit, it underscores rising demands for transparency in Nigeria’s oil sector.
With Group CEO Bayo Ojulari assuring cooperation, attention now shifts to how the company will respond when it appears before the Senate ahead of the April 29 deadline.
