Tinubu Govt Speaks On Plans To Audit NNPCL Accounts

The Minister of Finance and the Coordinating Minister for the Economy, Wale Edun, has hinted that the Nigerian National Petroleum Company Limited (NNPCL) accounts will be audited.

Naija News reports that Edun made this known on Wednesday at the release of the latest World Bank Nigeria Development Update in Abuja.

Edun stated that nothing was done regarding the audit of the national oil company despite recommendations by the last two ministers of Finance.

The minister insisted on rigorous scrutiny of the NNPCL, stressing the government’s eagerness to ensure revenue inflows from the company.

He said, “There will be earnest scrutiny, and I am sure NNPCL is getting ready for that. We want revenue to come into the government coffers from NNPC and all other revenue agencies.

“The last two ministers of Finance, namely, Mrs. Kemi Adeosun and Mrs. Zainab Ahmed, publicly said that the accounts of the NNPCL would be looked into, but there has been no report of such audit made public.”

Tinubu’s Govt Not Transparent With Oil Revenue, Amount Generated From Subsidy Removal – World Bank

A new World Bank report suggests that the President Bola Tinubu-led government and Nigerian National Petroleum Commissions Limited (NNCPL) are not transparent with the amount made from oil and the amount generated from the recent removal of fuel subsidy.

In its latest Nigerian Development Update, released on Wednesday, the bank claimed that while oil revenue gains have been obvious since June, there was a lack of transparency around oil revenue, particularly the NNPC’s financial gains from the recent removal of fuel subsidy.

Naija News recalls that the federal government in October revealed that Nigeria’s oil production increased to about 1.7 million barrels per day.

The figure swelled up by six million barrels per day, up from the 1.1mbpd recorded in August 2023.