— Says democracy means asking hard questions
By Dayo Johnson, Akure
Former Edo State governor and senator, Adams Oshiomhole, has defended the ongoing probe of the audited accounts of the Nigerian National Petroleum Company Limited, insisting that the Senate Committee on Public Accounts must investigate issues raised in the company’s financial reports.
Oshiomhole also dismissed suggestions that his actions as Chairman of the Senate Committee on Public Accounts (PAC) have become a burden to the administration of President Bola Ahmed Tinubu.
The senator spoke in Akure while responding to controversies surrounding the committee’s scrutiny of NNPCL’s audited reports covering the period between 2017 and 2023.
According to him, democracy gives citizens and lawmakers the right to demand accountability from public institutions.
“What I am saying demonstrates the beauty of democracy. Under military rule, I could not make such statements and return home freely,” he said.
Oshiomhole explained that concerns raised by the committee stemmed from observations contained in audited reports prepared by independent and internationally recognised audit firms.
He said the reports highlighted transactions amounting to about N210 trillion between 2017 and 2022 that required clarification.
“Some dismissed the figures as impossible. I described them as mind-boggling because those were the figures reflected in the audited reports submitted for legislative review,” he said.
The senator noted that under the Constitution, government agencies are required to submit their accounts to the Auditor-General, whose reports are subsequently forwarded to the National Assembly for oversight.
“The figures did not originate from politicians. They came from the audited reports prepared by professional auditors,” he added.
According to Oshiomhole, NNPCL officials informed the committee that more than N107 trillion had been deposited in financial institutions that later became insolvent, resulting in losses.
He said the committee requested details, including the names of the banks involved and the amounts allegedly held in each institution.
He further stated that another N103 trillion was reportedly linked to transactions involving marketers, tanker operators and other entities, prompting the committee to seek supporting documentation and details of the transactions.
“If a rat passes through a room, it leaves traces. How can trillions disappear without a trail?” he asked.
Oshiomhole said some officials maintained that no funds were missing, but noted that the committee’s responsibility was to examine concerns already highlighted by auditors.
“If auditors say the explanations provided are insufficient, the National Assembly has a duty to seek clarification,” he said.
Responding to criticism over the probe, Oshiomhole rejected claims that he was undermining the government.
“I am fully committed to President Bola Tinubu’s administration and to Nigeria’s progress,” he said.
He pointed out that the transactions under review occurred between 2017 and 2022, before Tinubu assumed office as president.
According to him, actions taken by the current administration regarding some officials linked to the period under review suggest a desire to improve accountability and performance.
On fuel subsidy, Oshiomhole said his position evolved as the financial burden on the country increased.
“Before President Tinubu came into office, I was among those who opposed fuel subsidy removal under previous administrations because the costs were measured in tens of billions of naira,” he said.
He added that the subsidy regime later expanded into trillions of naira annually, making it increasingly difficult to sustain.
“Over time, it became clear that the subsidy regime had become a channel through which enormous sums of public funds could be diverted. That is why many of us concluded that the system was no longer sustainable,” he said.
