The Nigerian Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to address a staggering ₦201 trillion discrepancy uncovered in its recent audit report.
The issue has sparked widespread concern, as NNPCL has yet to respond to the Senate's audit probe.
The Senate Committee on Public Accounts, led by Senator Mathew Urhoghide, expressed frustration over NNPCL's absence from a scheduled hearing, where the company was expected to provide clarity on the financial discrepancies.
The NNPCL requested a two-month postponement, which the committee deemed "unacceptable and suspicious."
The committee emphasized the critical nature of this issue, urging NNPCL to engage with the audit process to ensure accountability and transparency in the management of national resources.
Senator Urhoghide highlighted the Senate's commitment to addressing fiscal irregularities, stating, "The integrity of our national economy relies heavily on the transparency and accountability of key institutions like the NNPCL."
NNPCL has been given until 10 July to appear and clarify the inconsistencies in its 2017 to 2023 audited financial statements.
The Senate committee warned that non-compliance would be seen as contempt of the National Assembly, which could lead to constitutional measures to compel NNPCL's leadership to provide explanations.
