ABUJA — The Public Accounts Committee (PAC) of the House of Representatives has commenced investigative hearings targeting the Nigerian National Petroleum Company Limited (NNPCL), the Independent National Electoral Commission (INEC), and several federal agencies over alleged financial irregularities totaling N802.19 billion.
The public probe, chaired by Rep. Bamidele Salam, stems from query findings detailed in the Auditor-General for the Federation’s multi-year audit reports, which flagged massive unremitted revenue, unauthorized deductions, and unadjusted shortfalls across major public institutions.
According to committee documents, the NNPCL alone accounts for N514billion of the flagged audit queries. The violations include an alleged irregular deduction of N 343.64 billion from domestic crude oil sales, N83.66 billion in miscellaneous revenue allegedly warehoused in a sinking fund account, N82.95 billion in unauthorized deductions from Federation revenue, and a N3.75 billion shortfall linked to petroleum product sales.
The parliamentary panel has summoned top administrative officers and financial managers from both the NNPCL and INEC to present statutory documentation, ledger statements, and operational justifications regarding the flagged disbursements.
Alongside the headline queries for NNPCL and INEC, the committee is also examining statutory compliance records from the Code of Conduct Tribunal (CCT), the Federal Capital Territory Judicial Service Commission, and select federal tertiary institutions.
Addressing press representatives at the National Assembly complex, Committee Chairman Bamidele Salam emphasized that the legislative probe is designed strictly to uphold public fiscal discipline, recover unremitted federal assets, and ensure full transparency across revenue-generating government entities.
