The Senate Committee on Public Accounts has given the external auditors of Nigerian National Petroleum Company (NNPC) Limited one week to provide a detailed breakdown of more than ₦210 trillion recorded as receivables and payables in the company’s audited financial statements.
The directive was issued during an investigative hearing chaired by Senator Ibrahim Dankwambo. Lawmakers said the figures, made up of about ₦107 trillion in receivables and ₦103 trillion in payables, remain unexplained and must be fully reconciled. The NNPC Audit Probe has intensified as the committee seeks greater transparency over the disputed financial records.
The hearing became tense after representatives of the external audit firm asked for two weeks to retrieve the schedules and working papers supporting the figures. However, the committee rejected the request, questioning why auditors could not immediately produce documents backing financial entries they had already certified.
The auditors argued that NNPC Limited remained their client and that company officials were better placed to explain the disputed figures. They also said it had been agreed that NNPC would clarify the entries contained in the audited accounts.
Lawmakers rejected that position, insisting that the auditors appeared before the Senate in their independent professional capacity and must defend the audit opinions they issued. Senator Abdul Ningi cited Sections 88 and 89 of the 1999 Constitution, stating that the National Assembly has the authority to compel the production of documents needed for its investigations.
Senator Adams Oshiomhole also criticised the auditors’ stance, saying they were responsible for explaining issues arising from their audit work. Meanwhile, Dankwambo noted that NNPC had repeatedly linked the figures to joint venture cash calls and payments but had failed to identify the specific transactions or counterparties involved.
The committee stressed that it was not alleging the money was missing but maintained that the NNPC Audit Probe remains necessary because the figures are still unexplained. Lawmakers also dismissed claims of confidentiality, arguing that a government-owned company cannot withhold financial information from Parliament during a constitutional investigation. The auditors have now been given one week to submit the required documents or face possible legislative action.
What steps should government agencies take to improve transparency and accountability in public financial reporting?
