The Nigerian Senate has ordered the Federal Ministry of Finance, the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to jointly explain unresolved queries raised by the Nigeria Extractive Industries Transparency Initiative (NEITI).
The queries cover a $3 billion loan, $722.6 million in Nigeria LNG (NLNG) dividends, and other petroleum-sector transactions that remain outstanding in NEITI’s audit reports.
The directive forms part of the Senate’s ongoing oversight of Nigeria’s oil and gas sector finances. NEITI regularly conducts audits aimed at promoting transparency and accountability in the management of extractive industry revenues.
Lawmakers want the relevant agencies to provide clear and detailed responses to the issues raised so that the public can be properly informed about the status of the funds and transactions in question.
The development underscores the continued scrutiny of petroleum revenues and the role of legislative oversight in ensuring proper accountability in the sector.
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