Senate Public Accounts Committee Gives Agencies Two-Week Ultimatum Over Massive Revenue Leakages By Undie Emmanuel

ABUJA – The Senate Public Accounts Committee (SPAC) has issued a firm two-week ultimatum to key federal agencies to reconcile and clean up their records following the discovery of multi-billion-dollar discrepancies and alleged revenue leakages.

At a meeting held on Thursday, 6 August, the committee, chaired by Senator Ibrahim Hassan Dankwambo, put the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Niger Delta Development Commission (NDDC), Central Bank of Nigeria (CBN) and Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on the hot seat

Other members present included Senators Ahmed Ningi, Adams Oshiomhole, Victor Umeh, Jarigbe Agom Jarigbe and Onyeka Peter Nwebonyi.

Senator Jarigbe Agom Jarigbe raised concerns over profit-and-liability observations, while Senator Adams Oshiomhole grilled NUPRC officials over delays, inefficiencies and issues bordering on Section 64 of the Petroleum Industry Act. The committee noted that $8.25 million had been recovered in related matters.

The Clerk of the committee put 14 detailed questions to NUPRC management covering awards, production and lifting records, and related transactions between 2021 and 2023. Officials were directed to return with fully reconciled and updated records within two weeks.

RMAFC Chairman, Dr Mohammed Bello Shehu, OFR, appeared before the committee and presented the commission’s findings. Lawmakers, however, identified leakages estimated in the tens of billions of dollars, with some analyses pointing to figures as high as $17 trillion. The committee expressed confidence that the forthcoming updated submissions would resolve the discrepancies.

On the NDDC, the committee flagged outstanding sums of approximately ₦6.055 billion for 2025 and an additional ₦290 million.

Committee members made it clear that the era of “business as usual” for federal agencies is over. The two-week window, they stressed, is sufficient for the agencies to put their books in order or face further consequences.

“Nothing will be hidden under the sun,” a source close to the committee said. “The truth will come out for Nigerians.”

SPAC has promised to keep the public informed as the agencies return with their responses.

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