Nigeria’s fiscal framework is facing a historic reckoning as the Senate Public Accounts Committee (SPAC) uncovered a staggering ₦210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC Ltd) spanning 2017 to 2023.
The Chairman of the Committee, Senator Aliyu Wadada, signaled on Sunday that the upper chamber may eventually invite President Bola Tinubu to provide answers in his dual role as the Minister of Petroleum Resources.
This follows a separate, unresolved dispute over an additional $42.3 billion (approx. ₦67.6 trillion) liability that consultants believe is owed to the Federation Account.
The ₦210 Trillion “Mystery” Explained
To put the ₦210 trillion under investigation into perspective, it is equivalent to more than 10 years of Nigeria’s national budgets.
Senator Wadada clarified that this figure was not an estimate but was pulled directly from NNPC’s own Audited Financial Statements (AFS).
The discrepancy is divided into two primary categories:
- ₦103 Trillion Accrued Liabilities: Broadly attributed to retention, legal, and audit fees. NNPC claimed these were “cash calls” for joint venture partners, but the Senate notes that the cash-call system was officially abolished in 2016.
- ₦107 Trillion Receivables: NNPC claims this astronomical sum is owed by “defunct banks” but has failed to name the banks or provide a breakdown of the debt per institution.
“In accounting principles, for any figure to be accepted as a liability or asset, it must pass through the profit and loss account. These figures did not. That is a big failure,” Senator Aliyu Wadada said.
The $42.3 Billion FAAC Deadlock
While the Senate probes the ₦210 trillion, the FAAC Post-Mortem Sub-Committee is locked in a separate battle over $42.3 billion in alleged under-remittances.
Periscope Consulting, the firm engaged by the Federal and State governments to review NNPC’s books, insists the money is owed to the Federation.
However, NNPC representatives maintain that the company has “nothing to refund.”
This deadlock has stalled the reconciliation process, delaying the distribution of critical funds to the three tiers of government.
Frontier Funds and “Double-Charging” Allegations
The probe has also unearthed specific instances of alleged financial mismanagement:
- Rebranding Scandal: Investigators discovered a ₦5.8 billion charge for the transition from NNPC to NNPCL. It appears to be a “double charge” of ₦2.9 billion taken twice from separate accounts for the same purpose.
- Frontier Exploration Fund (FEF): While NNPC received over ₦453.4 billion in 2025 for exploration in basins like Chad and Sokoto, the Minister of State for Petroleum, Heineken Lokpobiri, has accused individuals of “improper use” of these funds.
- Under Executive Order 09, these funds are now being redirected back to the Federation Account for better oversight.
The Senate has summoned former top executives, including Mele Kyari and Umar Ajiya, as well as the current CEO, Bayo Ojulari, to appear at a public hearing immediately after the Eid break.
If the explanations remain “unconvincing,” the move to invite the President will likely gain formal legislative backing.
| The Numbers at a Glance | Amount | Status |
| Audited Discrepancy (2017-2023) | ₦210 Trillion | Under Senate Investigation |
| Alleged Under-remittance (2025-26) | $42.3 Billion | FAAC Reconciliation Stalled |
| Frontier Exploration Spend (2025) | ₦453.4 Billion | Undergoing Physical Audit |
| Alleged Rebranding Double-Charge | ₦5.8 Billion | Classified as “Criminal” by SPAC |
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