According to report by Nigerian Tribune on Friday, June 12, 2026, Oshiomhole, who chairs the Senate Public Accounts Committee, has defended the ongoing investigation into the Nigerian National Petroleum Company Limited (NNPC) over N210 trillion in transactions, insisting that demanding accountability is not an attack on President Bola Tinubu’s administration.
Speaking in Akure, Ondo State, he said the committee is constitutionally required to scrutinise the company’s audited financial reports covering 2017 to 2023, especially concerning issues raised in them.
He dismissed claims that the probe embarrasses the government, stressing his commitment to national development and support for the current administration.
According to him, democracy empowers institutions to question how public funds are managed and to seek explanations where discrepancies arise.
His comments follow controversies over the committee’s inquiry into the national oil company, including disputes around remarks attributed to him regarding an arrest order for former NNPC boss Mele Kyari.
Oshiomhole said NNPC officials often failed to honour invitations to clarify audit queries raised by internationally recognised auditors.
He noted that the figures under review were drawn directly from audited accounts, not invented by lawmakers.
He explained that N107 trillion was reportedly placed in banks that later became insolvent, while another N103 trillion was linked to petroleum marketers and related operators.
He said the committee had requested detailed records and evidence, but adequate explanations had not been provided.
Using an analogy, he questioned how such huge sums could disappear without trace, insisting that proper documentation must exist.
He added that the Constitution empowers the National Assembly to review audited accounts submitted through the Auditor-General and demand clarification where necessary.
Oshiomhole said his stance on fuel subsidy evolved over time, noting that rising costs made the scheme unsustainable and prone to abuse, leading to its eventual removal.
He concluded that transparency and accountability remain essential for good governance and economic stability.
SOURCE: Ladipsmews