The House of Representatives has intensified scrutiny of public finances after its Public Accounts Committee (PAC) moved to question the Nigerian National Petroleum Company Limited (NNPCL) and the Independent National Electoral Commission (INEC) over audit queries involving more than N802.19 billion.
The issues are contained in reports by the Auditor-General of the Federation covering the 2021, 2022 and 2023 financial years, with concerns spanning revenue management, procurement, payments, statutory remittances and compliance with government financial regulations.
The development comes as the committee separately issued the Hydrocarbon Pollution Remediation Project (HYPREP) a seven-day ultimatum to respond to audit findings involving more than N400 billion.
NNPCL faces questions over revenue and petroleum transactions
NNPCL is among the major government-linked entities expected to provide explanations to the Public Accounts Committee over transactions identified in the Auditor-General’s reports.
Among the figures highlighted are N83.66 billion allegedly warehoused from miscellaneous revenue in a sinking fund account, while another N82.95 billion was reportedly linked to unauthorised deductions from Federation revenue.
The audit findings also reportedly identified a N3.75 billion shortfall connected with the sale of petroleum products.
It is important to note that the figures represent audit queries and allegations requiring responses, rather than established findings of criminal wrongdoing.
INEC to explain procurement and payments
The electoral commission is also expected to appear before the lawmakers over issues raised in the Auditor-General’s reports for 2022 and 2023.
The committee member said INEC would be required to respond to questions surrounding procurement procedures, payments to contractors and statutory deductions.
The review is also expected to cover financial activities dating back to the period of the 2019 general election, although specific transactions were not publicly disclosed by the committee member.
The audit questions relate to the period when Mahmood Yakubu served as INEC chairman. Yakubu has since left the position and was subsequently appointed an ambassador.
The committee’s interest highlights the continuing constitutional oversight of public expenditure even after officials who supervised particular transactions have left office.
HYPREP given seven days after missed invitations
While NNPCL and INEC prepare to answer audit questions, HYPREP has received a more immediate deadline.
The House Public Accounts Committee ordered the agency’s Programme Coordinator to appear before it by October 12, 2026, after lawmakers said HYPREP had failed to honour four previous invitations.
Committee Chairman Bamidele Salam described the latest invitation as a final warning and indicated that failure to appear could trigger further action by the House.
The Chairman of the Board of Trustees of the Ogoni Remediation Trust Fund was also invited to address matters arising from the audit findings.
What the HYPREP audit queries involve
The allegations against HYPREP cover several years and a wide range of financial and procurement activities.
One major issue is the alleged failure to submit audited accounts to the Auditor-General’s Office between 2017 and 2021.
Other queries reportedly include:
- A $2.1 million contract allegedly affected by irregular award procedures and failure to deduct statutory taxes.
- N986 million reportedly paid for consultancy services without evidence that the services were executed.
- N315 million spent on training.
- N7.2 billion allegedly spent on contracts described by auditors as poorly executed.
- N268 million reportedly paid without pre-payment audit.
- N32 million in statutory taxes allegedly not deducted.
- N31.8 million paid to external solicitors without approval from the Attorney-General of the Federation.
HYPREP’s response to these queries will be important because the agency is responsible for the remediation programme established to address oil pollution in Ogoniland.
The committee’s seven-day deadline therefore puts the agency under increased pressure to produce records supporting its expenditures and procurement decisions.
Why the House investigation matters
The latest development goes beyond individual agencies because it concerns how billions of naira in public resources are accounted for.
The Public Accounts Committee derives its oversight authority from constitutional provisions, including Sections 85, 88 and 89 of the 1999 Constitution, as well as the rules of the House of Representatives.
Its role includes examining government accounts and investigating issues involving public revenue, expenditure and compliance with financial regulations.
An audit query, however, does not automatically establish that money was stolen or misappropriated. Agencies are generally expected to respond with documentation, explanations and evidence of compliance before lawmakers and relevant authorities determine whether further action is required.
That distinction is particularly important in cases involving large headline figures.
Oil-backed borrowing raises another financial concern
The parliamentary scrutiny comes amid a separate call for greater transparency over Nigeria’s reported N11.2 trillion in oil-backed loans.
The Human Rights Writers Association of Nigeria (HURIWA) has called on the Federal Government and NNPCL to disclose more details about the financing arrangements.
The organisation raised concerns over reports that approximately 340 million barrels of future crude production have been committed toward servicing three loans.
HURIWA National Coordinator Emmanuel Onwubiko argued that Nigerians should know what value the country received from the arrangements and how the borrowed funds were deployed.
The organisation acknowledged that borrowing against future oil production is not inherently unlawful but argued that the scale of the reported commitments warrants greater public scrutiny.
What happens next?
The immediate test is whether HYPREP will appear before the Public Accounts Committee on or before October 12, 2026 with the requested documentation.
NNPCL and INEC are also expected to respond to the audit issues raised against them. Depending on the explanations and supporting documents provided, the committee could request additional information, summon responsible officials or refer unresolved matters to relevant authorities.
For taxpayers and citizens, the bigger issue is whether the ongoing scrutiny will result in measurable recovery of public funds, stronger financial controls and greater transparency in government spending.
Timeline at a glance
2017–2021: HYPREP’s audited-account submissions are among the issues raised in the audit queries.
2019: Some of the financial activities being examined by lawmakers reportedly relate to expenditure surrounding the general election.
2021–2023: Auditor-General reports identify various queries involving NNPCL.
2022–2023: INEC’s accounts and transactions are also subject to audit queries.
October 2026: The House Public Accounts Committee intensifies hearings involving the agencies.
October 12, 2026: Deadline given to HYPREP’s Programme Coordinator to appear before the committee.
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