How Bala Wunti Debunked the 'Missing' ₦210 Trillion at the Senate Hearing

The Senate Committee on Public Accounts examined claims that ₦210 trillion was missing from NNPC Ltd’s 2023 audited accounts. Former NAPIMS Group General Manager Bala Wunti walked members through a detailed report to clear the record. He showed that the ₦210 trillion figure came from adding separate balance-sheet items: about ₦107 trillion in receivables and roughly ₦103 trillion in accrued expenses. International accounting rules require these to be disclosed independently, not combined as “missing money.” Wunti also explained NNPC Ltd’s dual role under the Petroleum Industry Act. He noted the company keeps separate books for commercial operations and for federation assets. He corrected another claim, stating only ₦2.5 billion was paid to register the company, not ₦5.8 billion. At the end, the committee agreed to study his submission and the audited statements before making further recommendations. Wunti’s calm presentation helped senators grasp the accounting nuances and dispelled the phantom ₦210 trillion allegation.

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