Senate mandate NNPC to present detailed report on alleged N4tn unremitted funds

Amid an ongoing investigation, the Senate panel has mandated the NNPC to provide detailed explanations within the next seven days on how it expended the sum of N4.076tn which it failed to remit into the Federation Account.

This comes after the Senators yesterday rejected the explanation offered by the NNPC on its expenses with the unremitted fund.

The ongoing investigation began after the Office of the Auditor-General, had in its 2016 Audit report, alleged that the NNPC did not remit N4.076tn into the Federation Account from operational proceeds made between 2010 and 2016.

Umar Ajiya, who represented the NNPC GMD, as the Chief Finance Officer of the agency, explained that the alleged unremitted N4.076tn was spent on other critical areas of operations which were not taken into cognizance by the AuGF office.

However, the representative of the AuGF at the occasion, Olutoye Agesin, in his capacity as the Director of Public Accounts, countered by saying the required explanations were not given for such spending.

Members of the committee including Senators Ayo Akinyelure, Ibrahim Abdullahi, Suleiman Kwari, among others, supported the representative of the Auditor-General by telling the NNPC CFO to give detailed accounts of how the money was spent.

The Vice Chairman of the Committee, Senator Ibrahim Hadejia, directed the Chief Finance Officer of NNPC to furnish the committee with the required details within a week, upon which the query would be vacated or sustained.

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