FG To Begin Forensic Audit Of NNPCL – Finance Minister Edun

By Adetutu Sobowale

The Federal Government is set to commence a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL).

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during the Nigerian Investor Forum, held on the sidelines of the IMF/World Bank Spring Meetings in Washington DC.

At the meeting, Edun noted that recent leadership changes within the NNPCL are part of broader efforts of the federal government to improve transparency and reposition the company.

Addressing global investors, including representatives from J.P. Morgan, Edun highlighted key economic reforms introduced by the Tinubu administration, aimed at reviving the economy and boosting investor confidence.

He said: “Our goal is not just to maintain this momentum but to accelerate it. We are targeting seven per cent annual growth, and the policies we’ve implemented are laying the foundation to achieve this.”

He cited a 3.84% economic growth in the fourth quarter of 2024 and an overall 3.4% growth for the year as indicators of progress. The minister also emphasized improvements in budget deficit reduction, trade balance, and exchange rate stability.

Agriculture, according to Edun, remains a major focus of the government.

He stated: “We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate.”

The minister further revealed that 90,000km of fibre optic cables have been laid to expand internet access and support the tech ecosystem. Additionally, 4,000km of roads have been earmarked for private sector investment, with 1,000km already approved for construction.

Edun described the reforms as “unprecedented,” assuring investors that the government remains committed to staying the course.