The Nigerian National Petroleum Company Limited (NNPC)’s audited financial statements have caused a significant amount of controversy, according to the Senate Committee on Public Accounts, which is led by Aliyu Wadada. The revelations are astounding and alarming.
The lack of detailed records supporting the committee’s investigation on Wednesday, including the testimony of the chief financial officer, Dapo Segun, was raised as well as the discrepancies in receivables reported to be worth more than N210 trillion between 2017 and 2023, during the committee’s investigation session.
Legal fees were allegedly incurred without any justification or documentation regarding the legal services rendered, according to the panel. Similar concerns are raised by the auditors’ fees. There are no compelling arguments. The audited financial statements have provided us with every troubling information we have seen and heard.
Senator Wadada added that receivables are the main source of concern.
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The new document they presented this afternoon doesn’t match what was already in their audited report, according to the group of naira trillions. He claimed that it is entirely independent and contradictory.
The committee made it clear that speculation is at the heart of the concerns, which were derived from the analysis of NNPC’s audited financial statements for the years 2017 to 2023. The committee now has one week to respond to the committee’s finance team with an answer list, complete with 11 queries.
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Senator Wadada also warned that the Tinubu administration’s Renewed Hope agenda calls for accountability and transparency in public finances, especially since the issue would not be brushed aside.
Source: Channels TV
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