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NNPC in Hot Seat as Senate Demands Answers Over ₦210 Trillion Discrepancy
The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, has sounded the alarm over massive discrepancies amounting to trillions of naira discovered in the audited financial records of the Nigerian National Petroleum Company Limited (NNPC).....KINDLY READ THE FULL STORY HERE▶
During the investigative session on Wednesday, the Chief Financial Officer of the NNPC, Adedapo Segun, failed to provide detailed records justifying massive legal and auditing fees, as well as contradictions in receivables reportedly worth over ₦210 trillion between 2017 and 2023.
The Committee expressed worry over the financial statements, describing it as mind-boggling and worrisome.
The panel said, “Legal fees were accrued without any explanation or documentation regarding the legal services rendered. The auditors’ fees raise similar questions. There are no clear justifications. Everything we’ve seen and heard from the audited financial statements is troubling.”
Senator Wadada further stated that the primary concern is with the receivables.
“Trillions of naira are in question, and the new document they presented this afternoon doesn’t match what’s already in their audited report. It’s completely independent and contradictory,” he said.
The committee stated that the concerns stem directly from the analysis of NNPC’s audited financial statements spanning 2017 to 2023.
The committee has now handed over a list of 11 queries to NNPC’s finance team and given them one week to return with answers.
Senator Wadada also warned that the matter would not be swept under the rug, especially as the Tinubu administration, under its Renewed Hope agenda, seeks transparency and accountability in public finance.
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Osun State Governor Ademola Adeleke stated that state residents will refuse to yield to external pressure or intimidation ahead of the August 15 governorship election.....KINDLY READ THE FULL STORY HERE▶
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The statement was shared via his X account on Thursday, shortly after the Osun State Police Command detained Secretary to the State Government Teslim Igbalaye over allegations of vote buying.
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Although he did not directly address the arrest, Adeleke emphasized the resilience and determination of Osun’s people in protecting their rights, expressing full confidence that their collective will and mandate will triumph at the polls.
Electoral Outlook and Administration Record
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Adeleke highlighted that independent polling indicates a decisive victory for the Accord Party, driven by visible government impacts in healthcare, education, infrastructure, workers’ welfare, and pension reforms.
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Expressing strong optimism regarding his second-term bid, he urged citizens to stay united, remain vigilant, vote for the Accord Party, and safeguard their ballots.
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Lagos State Governor Babajide Sanwo-Olu has nominated Dr. Olufunke Omolara Tayo-Makanjuola to serve as the Acting State Auditor-General, pending confirmation by the Lagos State House of Assembly.....KINDLY READ THE FULL STORY HERE▶
Born on September 20, 1974, in Ikate-Elegushi, Eti-Osa Local Government Area, Dr. Tayo-Makanjuola boasts an extensive academic background:
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Doctorate: Doctor of Business Administration in International Business from Lagos State University, Ojo.
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Postgraduate Degrees: Master of Business Administration in Human Resource Management (Ladoke Akintola University of Technology) and a Postgraduate Diploma in Financial Management (Abubakar Tafawa Balewa University).
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Diplomas & Professional Certificates: Holds HND and ND certificates in Accounting from the Federal Polytechnic, Ilaro, alongside an Advanced Diploma in Forensic Accounting and Criminal Intelligence from the University of Lagos.
Professional Affiliations and Honors
She is a fellow and active member of major financial bodies, including:
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Institute of Chartered Accountants of Nigeria (ICAN)
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Association of National Accountants of Nigeria (ANAN)
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Chartered Institute of Taxation of Nigeria (CITN)
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Chartered Institute of Directors (CIoD)
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Certified Forensic Investigation Professionals, USA
Additionally, she has been honored with the Distinguished Woman of Peace and Honour Award by the United Nations Positive Livelihood Award Centre for her societal contributions.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, explained the utilization of savings generated from the removal of fuel and foreign exchange subsidies. Speaking on Thursday at the 7th Africa Emerging Markets Forum in Abuja, Oyedele outlined how these funds have supported critical government obligations.....KINDLY READ THE FULL STORY HERE▶
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Key Obligations: The accumulated savings have funded debt servicing, government salaries, the new national minimum wage, and student loans.
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Ceasing Money Creation: Oyedele noted that the savings absorbed the financial pressure after the government stopped relying on money creation (Ways and Means) to finance its expenditures.
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Surging Debt Costs: Higher interest rates caused borrowing rates to spike from around 8% to as high as 24%, demanding immediate and punctual debt service payments using the saved funds.
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Minimum Wage Impact: Moving the national minimum wage from ₦30,000 to ₦70,000 nearly doubled the federal wage bill, which was partially supported by the subsidy savings.
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Student Loans: The Nigerian Education Loan Fund utilized these resources to provide tuition support and monthly stipends to over 1.5 million students, easing financial pressure on households.
Rationale Behind Subsidy Removal and Borrowing
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System Reforms: Beyond simply accumulating capital, the subsidies—which previously accounted for roughly 5% of Nigeria’s GDP—were eliminated primarily to combat systemic distortions and corruption.
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Transparency Commitment: Oyedele acknowledged that public inquiries into the use of funds are legitimate, announcing that a comprehensive breakdown detailing total savings and expenditures will soon be published
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