The Senate on Tuesday rejected written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) regarding ₦210 trillion unaccounted for between 2017 and 2023.

The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (Nasarawa West), had directed NNPCL to clarify 19 queries raised by the Auditor-General of the Federation. However, NNPCL officials, including GCEO Engineer Bayo Ojulari, failed to appear before the Committee as previously agreed.

The Committee noted ₦103 trillion claimed as accrued expenses and ₦107 trillion listed as receivables, totaling ₦210 trillion, were inconsistent with available evidence. Senator Wadada questioned how NNPCL could pay ₦103 trillion in cash calls in 2023 when only ₦24 trillion in revenue was generated over five years. The Committee also rejected the claim of ₦107 trillion receivables allegedly held in defunct banks.

Wadada warned that future absences by NNPCL officials would not be tolerated and threatened to subpoena former NNPCL and NAPIMS officials if satisfactory explanations are not provided.

The Committee stressed that the unaccounted funds must be returned to the Treasury.