The Senate has given the external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) a one-week ultimatum to provide a detailed breakdown of over ₦210 trillion recorded in the company’s audited financial statements, which lawmakers said remained unexplained.The Senate said the auditors, having signed off on the company’s accounts, must produce the schedules and working papers supporting the figures instead of referring lawmakers back to NNPC Ltd.The ultimatum was issued on Wednesday by the Senator Ibrahim Dankwambo-led Senate Committee on Public Accounts.

The controversy centred on two major balance sheet entries in NNPC Ltd.’s audited financial statements — approximately ₦107 trillion classified as receivables and ₦103 trillion recorded as payables — which senators said had not been adequately explained despite repeated engagements with the national oil company.

The issue arose during the committee’s proceedings when members requested that the company provide detailed schedules supporting the figures. Representatives of the external audit firm informed the committee that the documents formed part of their working papers and requested additional time, saying they might require about two weeks to retrieve them.

Members of the committee, however, objected to the explanation.

Senator Dankwambo questioned why auditors were unable to produce documents backing figures they had already certified.

“When you have figures in the financial statements, there must be supporting schedules showing how those figures were arrived at. If you already have them in your working papers, why do you need to go back before presenting them to this committee?” he asked.

The auditors explained that under professional practice, NNPC Ltd. remained their principal and that explanations relating to the figures should ordinarily come from the company.They also recalled that during an earlier appearance before the committee, it was agreed that NNPC officials would provide explanations on the figures contained in the accounts.

Vanguard