The Senate Public Accounts Committee has insisted that the Nigerian National Petroleum Company Limited (NNPCL) must provide a full explanation for discrepancies amounting to ₦210 trillion found in its audited financial records.

At a press briefing in Abuja following the latest committee session, Senator Aliyu Wadada, chair of the committee, clarified that the Senate never accused the NNPC of “stealing” ₦210 trillion, but maintained that the company must properly account for figures contained in its own submissions.

“This committee did not say NNPC stole ₦210 trillion,” Senator Wadada said. “We are saying that the records they submitted show ₦210 trillion that has not been properly accounted for. They must explain the basis of those figures, or we cannot accept the reports as valid.”

The committee cited inconsistencies in NNPCL’s audited financial statements, pointing out that several entries were not properly “netted off” a basic accounting process of subtracting liabilities from assets to present an accurate picture of financial health.

According to the committee, liabilities declared in the NNPCL records showed a significant difference between what was listed in the profit and loss (P&L) statement and what appeared in the financial notes. One cited instance involves accrued expenses which appeared as roughly ₦3 to ₦5 trillion in the P&L statement, but ₦103 trillion in the audited financial notes.

“There is no justification in accounting principles for an accrued expense that bypasses the P&L,” said Senator Wadada. “What appears in the financial notes must be reflected in the performance of the business, otherwise it raises questions.”

The committee said it made efforts to reconcile the differences but found that many claims in the NNPCL’s submission could not be substantiated, particularly with regards to assets allegedly owed to the company by various banks. It also noted that the company failed to provide the appropriate documentation or explanation needed to validate the figures.

“The bank claims were vague, and without verified documentation, those cannot be accepted,” Wadada said. “This is not about confrontation, it is about transparency.”

Members of the Senate committee, several of whom are seasoned financial professionals, reiterated that they are not misinformed or lacking the expertise to understand the data provided by NNPCL. Among them are Senator Ibrahim Dankwambo, a former Accountant General of the Federation, and Senator Dafinone, described as a forensic accountant.

“People must understand that this committee is not ill-equipped,” Wadada stressed. “With the calibre of professionals here, including certified accountants and legal experts, we know what we’re doing.”

The Senate has now demanded that the Group Chief Executive Officer (GCEO) of NNPCL personally appear before the committee at its next sitting, with a new date for the meeting to be formally communicated.

“We expect full cooperation. This is public finance. The Nigerian people deserve to know how their resources are being managed,” Senator Wadada added.

The controversy follows a series of previous meetings between the committee and NNPCL officials, during which lawmakers expressed frustration over the company’s inability to adequately explain the discrepancies in its accounts.

In a previous appearance, the NNPCL attempted to clarify some figures, but senators said the explanations lacked depth and consistency. According to them, the submissions raised more questions than answers.

The panel also reiterated that it is not on a witch-hunt, but only performing its constitutional duty of ensuring accountability in public institutions.

“We are not out to scandalise anyone. We are asking questions based on the documents submitted to us,” said one committee member. “NNPCL must defend what it submitted.”

The ₦210 trillion figure, while not an allegation of fraud, represents an accumulation of unclear figures in both liabilities and assets that, the Senate argues, must be reconciled.

This development comes amid growing public calls for greater financial transparency in Nigeria’s oil sector. The NNPCL, since its transition into a limited liability company under the Petroleum Industry Act (PIA), has been under pressure to operate with increased openness.

Stakeholders and civil society groups have welcomed the Senate’s push for accountability, saying it could mark a turning point for corporate governance in the state-owned enterprise.

Meanwhile, the Senate committee says it remains committed to seeing the matter through to resolution and will insist on accurate and transparent disclosures going forward.

“Until the NNPCL explains and justifies the ₦210 trillion entries in its records, we will continue to demand clarity,” said Senator Wadada. “The Nigerian public must be able to trust what is presented in their name.”