{"id":115199,"date":"2025-06-18T16:28:10","date_gmt":"2025-06-18T20:28:10","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=115199"},"modified":"2025-06-18T16:28:10","modified_gmt":"2025-06-18T20:28:10","slug":"senate-raises-alarm-over-%e2%82%a6200trn-nnpc-fund-discrepancy","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2025\/06\/18\/senate-raises-alarm-over-%e2%82%a6200trn-nnpc-fund-discrepancy\/","title":{"rendered":"Senate Raises Alarm Over \u20a6200trn NNPC Fund Discrepancy"},"content":{"rendered":"

The Senate<\/a> Committee on Public Accounts, led by Senator Aliyu Wadada, has voiced grave concern over significant inconsistencies uncovered in the audited financial records of the Nigerian National Petroleum Company Limited (NNPC), calling the findings both \u201cmind-boggling\u201d and \u201cdeeply troubling.\u201d<\/strong><\/p>\n

At a high-stakes investigative hearing on Wednesday, NNPC\u2019s Chief Financial Officer, Dapo Segun, appeared before the committee to address a host of irregularities. Lawmakers spotlighted glaring gaps in documentation for exorbitant legal and auditing fees, along with serious contradictions in the company\u2019s reported receivables\u2014valued at more than \u20a6210 trillion\u2014spanning the years 2017 to 2023.<\/p>\n

The committee questioned how such staggering figures could lack proper supporting records, raising red flags about the transparency and accountability mechanisms within one of Nigeria\u2019s most critical state-owned enterprises.<\/p>\n

The panel said, \u201cLegal fees were accrued without any explanation or documentation regarding the legal services rendered. The auditors\u2019 fees raise similar questions. There are no clear justifications. Everything we\u2019ve seen and heard from the audited financial statements is troubling.\u201d<\/p>\n

Senator Wadada further stated that the main concern is with the receivables.<\/p>\n

\n

Read also: Senate Demands LGs Be Included In FAAC Allocation<\/a><\/strong><\/h1>\n<\/blockquote>\n

\u201cTrillions of naira are in question, and the new document they presented this afternoon doesn\u2019t match what\u2019s already in their audited report. It\u2019s completely independent and contradictory,\u201d he said.<\/p>\n

The committee underscored that the concerns stem directly from the analysis of NNPC\u2019s audited financial statements spanning 2017 to 2023, not from speculation. The committee has now handed over a list of 11 queries to NNPC\u2019s finance team and given them one week to return with answers.<\/p>\n

Senator Aliyu Wadada stressed that the committee would not allow the financial discrepancies within NNPC to be overlooked, emphasizing that such issues strike at the heart of President Bola Tinubu\u2019s Renewed Hope agenda, which places a premium on transparency, fiscal discipline, and accountability in public finance management.<\/p>\n

In a related development, the Senate Ad-Hoc Committee on Rivers State Emergency Rule is set to receive Admiral Ibok-Ete Ibas (retd.), the Sole Administrator of Rivers State, who is expected to appear before lawmakers to justify the state\u2019s ambitious \u20a61.48 trillion expenditure proposal for the 2025 fiscal year. His appearance is likely to face intense scrutiny as the Senate ramps up oversight of public spending amid growing national concerns over financial prudence.<\/p>\n

Africa Today News, New York<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, has voiced grave concern over significant inconsistencies uncovered in the audited financial records of the Nigerian National Petroleum Company Limited (NNPC), calling the findings both \u201cmind-boggling\u201d and \u201cdeeply troubling.\u201d At a high-stakes investigative hearing on Wednesday, NNPC\u2019s Chief Financial Officer, Dapo Segun, appeared before […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-115199","post","type-post","status-publish","format-standard","hentry","category-politics","pmpro-has-access"],"yoast_head":"\nSenate Raises Alarm Over \u20a6200trn NNPC Fund Discrepancy<\/title>\n<meta name=\"description\" content=\"The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, has 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