Shock as Senate Uncovers N210 Trillion Discrepancy in NNPC Audited Financial Reports

Follow

( 0 Followers )

X

Follow

E-mail : *

Follow Unfollow

In a revelation that has stunned Nigerians and raised serious questions about transparency in the oil sector, the Nigerian Senate has uncovered a staggering N210 trillion discrepancies in the audited financial reports of the Nigerian National Petroleum Company (NNPC) Limited.

The shocking discovery was made during a public hearing conducted by the Senate Joint Committees on Finance, Appropriation, National Planning, and Foreign and Local Debts, as part of its ongoing scrutiny of revenue-generating agencies.

Lawmakers expressed outrage over inconsistencies between the figures presented by NNPC and what was captured in the officially audited financial statements. The committee noted that the revenue figures, remittances, and other critical data failed to align—indicating massive underreporting, unaccounted transactions, or deliberate financial misrepresentation.

According to insiders present at the hearing, the N210 trillion gap could represent one of the largest financial discrepancies ever uncovered in Nigeria’s oil sector, further fueling public distrust in the management of the nation’s most critical revenue source.

This revelation comes just months after the NNPC was fully commercialised and rebranded as a limited liability company, a move that was meant to improve efficiency, reduce corruption, and make the company more accountable to stakeholders.

Senators have demanded a full forensic audit and called for key officials of the NNPC to return for further questioning. They also urged President Bola Tinubu’s administration to take swift action to ensure full accountability and transparency in Nigeria’s oil revenue reporting.

The news has triggered widespread outrage online, with many Nigerians calling for urgent reforms, prosecutions, and total restructuring of the country’s oil and gas sector.

As the probe deepens, the NNPC is yet to issue an official statement addressing the Senate’s findings.

Citizens and industry observers are watching closely, demanding answers and justice in what could become one of the biggest financial scandals in Nigeria’s history.