The House of Representatives Public Accounts Committee is set to begin investigations into alleged financial infractions involving the Nigerian National Petroleum Company Limited and the Independent National Electoral Commission, with the audit queries involving more than N802.19 billion.
The committee will question officials of both institutions as part of a wider review of findings contained in reports submitted by the Auditor-General for the Federation.
Politics Nigeria reports that the exercise is scheduled to take place at the National Assembly in Abuja on Monday, October 5, and Tuesday, October 6, 2026.
The audit reports covering the 2021, 2022 and 2023 financial years raised concerns over transactions involving public funds, procurement processes, revenue management, payments and compliance with government financial regulations.
The NNPCL alone is expected to explain transactions linked to about N514 billion in alleged financial infractions contained in the 2021 audit report.
INEC, on the other hand, is expected to respond to queries involving about N288.19 billion contained in the Auditor-General’s 2022 report.
The combined figure puts the value of the issues before the committee at more than N802 billion.
The investigation is being conducted by the Public Accounts Committee chaired by Bamidele Salam, a member of the House representing Ede North/Ede South/Ejigbo/Egbedore Federal Constituency of Osun State.
The committee derives its authority from Sections 85, 88 and 89 of the 1999 Constitution, as amended, and the relevant provisions of the House Rules.
Its responsibility includes examining government accounts, investigating alleged revenue losses and determining whether public institutions complied with financial regulations.
A member of the committee, who spoke on the condition of anonymity because he was not authorised to speak officially for the panel, disclosed that officials from NNPCL and INEC had been scheduled to appear before the lawmakers.
He said, “On Tuesday at the National Assembly Complex, the House of Representatives Public Accounts Committee will be questioning several agencies.
“As a matter of fact, we are starting on Monday, October 5, with some agencies including the Code of Conduct Tribunal, Federal Capital Territory Judicial Service Commission, Federal Colleges of Education, Okene and Gombe and the University Teaching Hospital, Ilorin. There are others I have not mentioned.
“Tuesday is special because we hope to have in the House the accounting officers and subject matter experts from the Nigerian National Petroleum Company Limited and the Independent National Electoral Commission.
“For the NNPC L, I am aware that the Auditor General’s Report of 2021 raised alleged financial infractions of about N514bn, while in the case of INEC, we shall be looking at clarifications on alleged financial breaches of about N288.19bn as contained in the 2022 Auditor General for the Federation audit query.”
The NNPCL queries cover several transactions relating to domestic crude oil sales and Federation revenue.
One of the major issues flagged by the Auditor-General involves an alleged irregular deduction of N343.64 billion from domestic crude oil sales.
Another N83.66 billion was reportedly identified as miscellaneous revenue allegedly kept in a sinking fund account.
The audit findings also raised questions over alleged unauthorised deductions of N82.95 billion from Federation revenue.
In addition, about N3.75 billion was reportedly identified as a shortfall connected with the sale of petroleum products.
The committee is expected to demand documents and explanations from the NNPCL to establish the circumstances surrounding the transactions.
The oil company will also have the opportunity to respond to the findings and provide supporting records to the lawmakers.
The investigation comes amid continued scrutiny of the management of oil revenues and financial remittances by government-owned institutions.
NNPCL plays a major role in Nigeria’s petroleum sector, including crude oil production, trading, refining and other activities connected to the country’s oil industry.
Recall, Politics Nigeria earlier reported that the House of Representative had began probe of N432 billion allegedly owned by NNPC and oil companies.
The financial accountability of the company therefore remains a major issue whenever questions are raised over revenue that should accrue to the Federation.
