₦210 Trillion Controversy: Senate Vows To Probe NNPCL, Says “We Won’t Hesitate To Question Tinubu

Aliyu Wadada, the senator representing Nasarawa West in the National Assembly, has stated that President Bola Tinubu is likely unaware of the alleged ₦210 trillion discrepancies in the financial records of the Nigerian National Petroleum Company Limited (NNPCL).

Speaking on Channels Television, Wadada emphasized that the Senate Committee on Public Accounts (SPAC) is prepared to question any government official, including the Minister of Petroleum Resources and, if necessary, the President himself.

“We are not afraid to summon the minister. Should the need arise to invite or question the President, we will do so,” he said.

Addressing concerns that the investigation might be politically motivated, the senator insisted that the probe is neither a partisan attack nor a witch-hunt, stressing that accountability will be pursued irrespective of political affiliations.

During its review of NNPCL accounts from 2017 to 2023, the committee highlighted two significant figures lacking proper substantiation.

First, ₦103 trillion recorded as accrued expenses and liabilities, reportedly tied to Joint Venture cash calls, was questioned given that NNPCL generated roughly ₦24 trillion in revenue over five years—making the ₦103 trillion figure difficult to justify.

Second, ₦107 trillion listed as sundry receivables—funds claimed to be owed to NNPCL by banks and other entities—was deemed unverifiable due to insufficient transparency.

The lawmakers also raised concerns over ₦5.9 billion spent on company rebranding, alleged subsidy mismanagement, and disputed production costs. The current NNPCL management has been asked to submit reconciled records after previous explanations were rejected.