Senate sets for  23-day probe of Nigeria’s Oil sector audit, summons NNPCL, CBN, others

In a statement signed on Thursday in Abuja by the Chairman, Senate Committee on Public Accounts, Senator Ibrahim Hassan Dankwambo, Gombe North, the exercise, which would be carried out by the Committee, is tagged, ” Special Legislative Oversight and Public Hearing on the Nigeria Extractive Industries Transparency Initiative ( NEITI), Oil and Gas Industry Audit Reports for the years 2021, 2022 and 2023″ The exercise, which will last twenty-three days, is expected to commence on Monday, August 3 and end on Thursday, 25th August, 2026 is designed to scrutinise revenues, remittances, financial obligations and operational activities across the nation’s extractive sector in a bid to strengthen transparency, accountability and prudent management of public resources.* As Senators seek to recover revenues, enforce transparency and strengthen accountability in extractive industry By Henry Umoru ABUJA- THE Senate has concluded arrangement to commence the launch of a comprehensive investigation into the Nigeria’s oil and gas industry as it has summoned the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), major international and indigenous oil companies as well as key government institutions to defend issues arising from the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports covering 2021, 2022 and 2023.

According to the statement, the special legislative oversight and public hearing derives its authority from Sections 88, 89 and 85(5) of the 1999 Constitution (as amended), as well as Order 95(5)(d) of the Senate Standing Orders, 2026, just as the Committee explained that the NEITI audit reports, submitted to the National Assembly in accordance with the NEITI Act, contain extensive information on the operations of stakeholders in Nigeria’s oil and gas industry, including revenues, payments, remittances and other financial obligations.