The Nigerian Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to audit questions involving a reported N210 trillion in assets and liabilities from 2017 to 2023.

During a session on Tuesday, the Senate Committee on Public Accounts, led by Senator Ahmed Wadada, asked NNPCL’s Group Chief Executive Officer, Bayo Ojulari, to submit written responses to 19 audit queries raised in reports by the Auditor-General. Senator Wadada clarified that the amount isn’t classified as missing or stolen but must be properly accounted for.

“The N210 trillion involves about N107 trillion in assets and N103 trillion in liabilities. These are based on audited financial statements and not assumptions. We’re simply doing our job as mandated by the constitution,” Wadada explained.

This was Ojulari’s first appearance before the committee since his appointment just over 100 days ago. He apologized for missing previous invitations and asked for more time to study the audit reports and consult with external auditors and his team.

“I now have a better understanding of the issues raised and will need time to respond appropriately. My team will work to reconcile the details,” Ojulari said.

Though he initially requested four weeks, the committee settled on a three-week deadline for NNPCL to submit its written responses. Ojulari agreed to the timeline.

Other lawmakers emphasized the need for transparency. Senator Victor Umeh noted that NNPCL holds the key to Nigeria’s economic future, while Senator Tony Nwoye stressed the importance of giving the company a fair opportunity to explain its records. Senator Babangida Hussaini added that all audit concerns must be treated seriously, regardless of changes in leadership.

The Senate’s demand marks a renewed push for accountability in Nigeria’s oil sector as it seeks to ensure public funds are properly tracked and reported.