The Nigerian Senate has rejected NNPCL’s explanations for unaccounted N210 trillion between 2017 and 2023 and threatened to subpoena former officials if answers remain unsatisfactory.
ABUJA — The Nigerian Senate has rejected written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) regarding N210 trillion unaccounted for between 2017 and 2023, according to a report from the Senate Committee on Public Accounts.
The rejection followed the absence of NNPCL officials at a scheduled committee session chaired by Senator Aliyu Wadada, APC, Nasarawa West. “Today (yesterday), November 11, 2025, was a date chosen by NNPC, it is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose,” Wadada said.
The committee questioned NNPCL’s claims of N103 trillion in accrued expenses and N107 trillion in receivables. “On question eight, NNPC’s explanation on the N107 trillion receivables, equivalent to about $117 billion, contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this,” Wadada added.
He further challenged how NNPCL could pay N103 trillion in cash calls in 2023, despite generating only N24 trillion in crude revenue over five years. “As far as this committee is concerned, that figure is unjustifiable and unacceptable. The N103 trillion must be returned to the treasury,” he said.
The committee also rejected the N107 trillion in receivables, noting the lack of transparency in claims held in defunct banks. Wadada warned that the GCEO must appear in person at future hearings, saying the committee will not hesitate to subpoena former officials if satisfactory explanations are not provided.
All committee members present supported the chairman’s actions.