In a recent development, Finance Minister Mr. Edun has emphasized the need for a comprehensive audit of the Nigerian National Petroleum Corporation Limited (NNPCL) accounts. Speaking at the release of the World Bank’s latest Nigeria Development Update in Abuja, he highlighted the lack of action despite previous commitments by the last two finance ministers, Mrs. Kemi Adeosun and Mrs. Zainab Ahmed, to scrutinize NNPCL’s financial records.
The minister stressed the government’s eagerness to ensure increased revenue inflows from NNPC and other revenue agencies. He stated, “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.”
Meanwhile, a new World Bank report raises concerns about transparency in the Bola Tinubu-led government and NNPCL, particularly regarding the amount generated from oil and the recent removal of the fuel subsidy. The report, part of the Nigerian Development Update released on the same day, highlights visible gains in oil revenue since June but underscores a lack of openness regarding NNPC’s financial gains from the subsidy removal.
The call for transparency is now at the forefront, urging the Nigerian government to conduct a thorough audit of NNPCL’s accounts to enhance accountability and ensure increased revenue for the nation.