By Abiola Olawale
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) will commence soon.
Edun who made this known during the ongoing Nigerian Investor Forum on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C., United States, said the development underscores the federal government’s commitment to transparency in the oil sector.
The development comes as the NNPCL has faced scrutiny over financial discrepancies, including a 2021 Auditor-General report alleging misappropriation of N82.9 billion for refinery rehabilitation and irregular deductions from crude sales.
Speaking further, Edun emphasized that the audit aims to reconcile financial records and clarify historical transactions.
“This forensic audit will help us understand what has happened in the past,” Edun said.
The announcement follows the appointment of Bayo Ojulari as NNPCL’s new Group Chief Executive Officer, replacing Mele Kyari, in a sweeping restructuring by President Bola Ahmed Tinubu.
The minister also explained that Tinubu’s administration has rolled out major reforms that are already making a difference.
He added that the Nigerian economy grew by 3.84% in the fourth quarter of 2024 and recorded a 3.4% growth for the year.
Edun further stressed the importance of the reforms, describing them as “unprecedented.”
He said: “We said we would do it, and now we have done it. This time, we’re staying the course.”
He pointed out signs of progress such as lower budget deficits, a better trade balance, and a more stable exchange rate.
He also said that the focus is now on growing key sectors, especially agriculture.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
