Mr Kyari preserved that the cash was neither missing out on nor taken under his watch, rejecting reports recommending that the quantity had actually been lost.
He stated this on Tuesday, when he appeared before the Senate Committee on Public Accounts to react to accusations in the audit report.
“The problem of 210 trillion that is misunderstood in the reports to have actually been lost, I have actually verified at this minute that absolutely nothing is lost. It’s just not possible under my care and under my management for that to take place, however it did not take place,” he stated.
Mr Kyari argued that the debate stemmed from accounting and accounting failures instead of any monetary losses. He stated he had actually offered in-depth descriptions in a report sent to the committee.
“There are in fact 3 concerns, which I understand have actually been clarified. They are accounting problems and have absolutely nothing to do with any losses. And I truly, actually verify that absolutely nothing is lost. Those are simply accounting entry concerns, and I make certain that description is proper. It’s likewise in my report how that description works,” he included.
The debate surrounding the supposed 210 trillion disparity started in June 2025 after information of NNPC Ltd’s audited monetary records brought in spotlight.
At the time, the Senate committee offered the business a seven-day final notice to describe the disparities. NNPC Ltd, now led by Bayo Ojulari, stopped working to fulfill the due date, mentioning its authorities’presence at a retreat.
The business’s failure to react to the Senate’s inquiries sustained public issues about openness and responsibility within the nationwide oil business.
In November 2025, NNPC Ltd sent a composed description to the committee, specifying that 103 trillion represented accumulated expenditures, while 107 trillion was tape-recorded as receivables.
The committee, then chaired by Aliyu Wadada, the senator representing Nasarawa West, declined the description and firmly insisted that the business’s management appear personally to offer additional explanation.
The matter stayed unsolved till Ibrahim Dankwambo, the senator for Gombe Central, changed Mr Wadada as committee chairman and resumed the examination.
The committee later on welcomed Mr Kyari to appear before the legislators and represent the disparities. In June, the committee threatened to provide an arrest warrant versus him to oblige his look after he stopped working to honour numerous invites.
President Bola Tinubu got rid of Mr Kyari from workplace in April 2025 in the middle of a number of corruption-related petitions versus him.
Payment of 2.99 billion
Mr Kyari likewise dealt with concerns surrounding the payment of about 2.99 billion for the incorporation and registration of NNPC Limited, describing that the expense covered payments to federal government organizations accountable for the appropriate statutory procedures.
The previous NNPC president stated the payment was not for calling the business, contrary to some public analyses of the monetary records.
He described that the Petroleum Industry Act (PIA), enacted by the National Assembly, attended to the incorporation of NNPC Limited as part of the nationwide business’s restructuring.
According to the PA, the payment was made to the appropriate federal government organizations and consequently credited the Federation’s income account.
“It’s really paid to the previous FIRS and the Corporate Affairs Commission as a matter of payment for registration. It’s simply an entry about who ought to spend for it. The PIA, which is the National Assembly, mentions that business owners need to include the business.
“In this case, the owner of the business at that minute was not always NNPC. The federation should spend for that function in the incorporation. NNPC, which was not owned by the federation at that minute, paid on behalf of the federation and after that charged it to the federation’s profits base.”
Mr Kyari likewise dismissed reports recommending that NNPC Ltd paid about 5 billion simply to sign up or call the business, firmly insisting that the name was currently attended to in the PIA.
“I have some remarks that, for calling the business, we paid 5 billion. In fact, this business was called by the National Assembly, so you do not require to pay any kobo to sign up that business.
“The business was called by the National Assembly in suitable areas of the PIA. There is no such thing. I believe it’s a description concern, and we apologise if that wasn’t correctly recorded by the auditors,” he stated.
READ ALSO: NNPC states its gas supply not reason for low power generation
Protecting his stewardship
While protecting his stewardship, Mr Kyari stated he presumed duty for the state oil business in 2019 and instantly presented an openness and responsibility structure to reinforce public self-confidence in its operations.
He stated the choice to release the business’s monetary declarations exposed its operations to continual public examination however eventually enhanced institutional responsibility and functional efficiency.
“When I took duty in 2019, the very first thing I did was to set up an openness and responsibility structure. I stated that public organizations and public leaders should represent what they are accountable for, and organizations should be liable to their stakeholders, especially their investors.
“In the case of NNPC, all Nigerians are investors of this business. And I comprehended this. We took the vibrant choice to release the monetary records of this business, which has actually never ever been performed in its 43 years of presence.”
After his discussion, Mr Kyari sent his report to the committee.
The committee chairman stated the legislators would study the file and evaluate his descriptions before selecting more action.
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