The Nigerian Senate, on Tuesday, October 7, 2025, announced that the Nigerian National Petroleum Company Limited (NNPC Ltd) has formally responded to a series of 19 queries raised by the Senate Committee on Public Accounts. These queries pertain to unaccounted funds totaling an astounding N210 trillion, as highlighted in audit reports spanning from 2017 to 2023. The disclosure, which has sparked significant public interest, underscores the Senate’s ongoing efforts to ensure transparency and accountability in the operations of one of Nigeria’s most critical state-owned enterprises.
Senator Aliyu Wadada, the Chairman of the Senate Committee on Public Accounts, provided an update on the matter, shedding light on the progress made so far. He revealed that the NNPC Ltd had submitted its responses to the committee, but these responses are yet to undergo a detailed examination by the committee members. This development follows a period of recess during which the NNPC Ltd management requested additional time to compile comprehensive data to address the queries effectively. The committee, in a bid to ensure fairness and thoroughness, granted the request for an extension, allowing the NNPC to provide detailed answers to all 19 questions posed.
“While we were on recess, the management of NNPCL wrote to the committee, requesting an extension of time to enable them to compile data and respond comprehensively to the questions we raised, and we granted that request,” Senator Wadada stated. “They have since responded, and we now have answers to all 19 questions we sent to them. However, the report is yet to be presented before the committee.”
The chairman’s remarks reflect the committee’s commitment to conducting a meticulous review of the NNPC’s responses before drawing conclusions or making public statements. The scale of the unaccounted funds—N210 trillion—has raised eyebrows across the country, as it represents a significant portion of Nigeria’s financial resources during the period under review. The Senate Committee on Public Accounts, tasked with overseeing the financial accountability of government agencies, is now faced with the responsibility of ensuring that the NNPC’s explanations are both credible and verifiable.
Senator Wadada emphasized the committee’s dedication to upholding justice in addressing the issue. “Let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter,” he declared. This assurance comes as a response to growing public concern about the management of Nigeria’s oil and gas sector, which remains the backbone of the nation’s economy. The senator’s commitment to transparency signals the committee’s intent to leave no stone unturned in its investigation.
Beyond the audit queries, Senator Wadada highlighted additional concerns that have emerged regarding the NNPC’s operations, particularly in relation to its production sharing contracts (PSCs). These contracts, which govern the relationship between the NNPC, the Nigerian government, and international oil companies (IOCs), are critical to determining how revenues from oil production are distributed. The senator stressed the need for greater clarity on the share of profits accruing to the NNPC, the government, and the IOCs under these arrangements. The lack of transparency in these contracts has long been a point of contention, with critics arguing that Nigeria may not be getting its fair share of the proceeds from its vast oil resources.
The senator’s remarks suggest that the committee will probe deeper into the structure and implementation of these production sharing contracts to ensure that they align with national interests. This inquiry could have far-reaching implications for Nigeria’s oil industry, potentially leading to reforms that enhance the country’s revenue generation from its natural resources.
Another issue raised by Senator Wadada was the reported financial loss recorded by NNPC Retail, a subsidiary of the NNPC responsible for the downstream sector, including the operation of fuel stations and other retail activities. The senator expressed skepticism about the reported loss, stating, “We find it difficult to understand why NNPC Retail should record a loss. But we will seek clarification when the corporation appears before us.” This statement underscores the committee’s intent to scrutinize the financial performance of NNPC Retail and determine whether the reported losses are justified or indicative of deeper operational or managerial issues.
The concerns about NNPC Retail’s financial performance come at a time when Nigerians are grappling with the economic realities of fuel pricing and availability. The downstream sector, which directly impacts consumers through fuel distribution, has been a focal point of public discourse, particularly in light of recent fuel price hikes and supply challenges. The committee’s decision to investigate the reported losses could shed light on the factors contributing to inefficiencies in the sector and potentially pave the way for corrective measures.
The Senate Committee on Public Accounts has assured Nigerians that the review process will be thorough and transparent. Once the NNPC’s responses have been fully examined and verified, the committee plans to make its findings public. Senator Wadada emphasized that Nigerians and the media will be informed about the responses that are deemed coherent and those that require further clarification. This commitment to openness is intended to build public trust in the process and ensure that the committee’s conclusions are based on a rigorous assessment of the facts.
The N210 trillion in unaccounted funds represents a significant challenge for the NNPC and the Nigerian government as a whole. The oil and gas sector, which accounts for a substantial portion of Nigeria’s foreign exchange earnings and government revenue, has long been plagued by allegations of mismanagement, corruption, and lack of transparency. The Senate’s inquiry into these unaccounted funds is seen as a critical step toward addressing these issues and restoring public confidence in the management of the nation’s oil wealth.
The committee’s work is particularly significant in the context of Nigeria’s broader economic challenges. With the country facing rising inflation, a depreciating currency, and growing public debt, ensuring accountability in the oil sector is more important than ever. The outcome of the committee’s review could have implications not only for the NNPC but also for the government’s efforts to stabilize the economy and address the concerns of ordinary Nigerians.
As the committee prepares to delve into the NNPC’s responses, there is a sense of anticipation among stakeholders. The public, civil society organizations, and industry experts are closely watching the process, hoping that it will lead to greater accountability and reforms in the oil and gas sector. The committee’s findings could also influence future policies regarding the management of Nigeria’s natural resources, potentially leading to changes in how production sharing contracts are structured and how the NNPC operates its retail and other subsidiaries.
In conclusion, the Nigerian Senate’s announcement that the NNPC has responded to queries regarding N210 trillion in unaccounted funds marks a significant development in the ongoing effort to ensure transparency and accountability in the country’s oil and gas sector. The Senate Committee on Public Accounts, under the leadership of Senator Aliyu Wadada, has pledged to conduct a thorough review of the NNPC’s responses, with a focus on addressing concerns about production sharing contracts and the financial performance of NNPC Retail. As the committee moves forward with its investigation, Nigerians await the outcome with keen interest, hopeful that the process will lead to meaningful reforms and greater accountability in the management of the nation’s oil wealth. The committee’s commitment to transparency and justice in this matter underscores the importance of ensuring that Nigeria’s resources are managed in a way that benefits all citizens.
