Senate Committee on Public Accounts said the Nigerian National Petroleum Company Limited, NNPCL, has responded to 19 queries raised against it in the audit reports of 2017-2023.
Chairman of the committee, Senator Aliyu Wadada, who made the clarification in an interview with journalists in Abuja, said NNPCL had responded to the queries, adding that the committee is yet to critically look at the response provided.
The News Agency of Nigeria, NAN, reports that the committee had on July 29, given the Chief Executive Officer of NNPCL, Mr Bayo Ojulari, three weeks to respond to 19 queries on the N210 trillion yet to be accounted for in the audited account of company.
“While we were on recess, the management of NNPCL wrote to the committee, requesting an extension of time to enable it compile data and respond comprehensively to the questions we raised and we granted that request.
“They had since responded and we now have answers to the 19 questions we sent to them; however, the report is yet to be presented before the committee.
“That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.
“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter.”
He said beyond the audited financial statements, there were other issues around the NNPCL.
According to him, the first of such issues is production sharing contracts.
“Specifically, the production cost to Nigeria must be clearly defined and the public deserves to know what portion goes to NNPCL, what goes to International Oil Companies, IOCs, and what accrues to government under the production sharing arrangement.
“Furthermore, the committee was informed that NNPCL Retail declared a loss.
“This development is also of concern to us and to the public, we find it difficult to understand why NNPCL Retail should record a loss, but we will seek clarification when the corporation appears before us.
“As far as the audited financial statements are concerned, which covers the period between 2017 and 2023, NNPCL has submitted its response to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.
“Out of those answers, the ones that make sense and those that do not will be evident to the public,” he stressed. NAN
