Peter Obi calls out NNPC over ₦210tn unaccounted funds

Presidential candidate and former Anambra State Governor, Peter Obi, has expressed strong concern over the discovery of over ₦210 trillion in unaccounted funds linked to the Nigerian National Petroleum Company (NNPC) Limited, describing it as an “institutionalised betrayal” of the Nigerian people.

This follows revelations made by the Nigerian Senate on Wednesday, highlighting significant financial discrepancies in NNPC’s audited financial statements covering 2017 to 2023. The Senate noted that the figures included ₦103 trillion classified as accrued expenses and ₦107 trillion in receivables that could not be traced to proper documentation. The NNPC has been given one week to provide full clarification.

In a post shared via his verified X (formerly Twitter) account on Friday, Obi criticised the state of public financial accountability in Nigeria. He noted that the disputed ₦210 trillion figure surpasses the country’s total budget from 2017 to 2023, which stood at ₦88.01 trillion—less than half of the amount in question.

“How else does one explain the recent revelation by the Senate, which uncovered ₦210 trillion in financial irregularities, ₦103 trillion in so-called ‘accrued expenses,’ and another ₦107 trillion in unaccounted ‘receivables’?” Obi asked in his post. “No documentation. No accountability. No consequences.”

He stated that the discovery was not merely another financial scandal, but "a clear and damning confirmation of a nation held hostage by monumental corruption."

Obi provided a breakdown of the national budgets within the same seven-year period, with 2017 at ₦7.44 trillion, 2018 at ₦9.12 trillion, and 2019 at ₦8.91 trillion. The 2020 budget was revised from ₦10.59 trillion to ₦9.97 trillion due to COVID-19, followed by ₦13.59 trillion in 2021, ₦17.13 trillion in 2022, and ₦21.83 trillion in 2023—amounting to ₦88.01 trillion in total.

“Our total national budget within the said period was not up to 50% of the said financial discrepancies and irregularities,” Obi said. “This is a criminal, institutionalised betrayal of the Nigerian people and a grave threat to the future of the society our children will live in.”

He further called for urgent reforms in Nigeria’s public financial system, warning that meaningful national development will remain elusive unless the culture of financial impunity is addressed.

Obi also referenced additional unresolved issues surrounding the NNPC, including unaccounted crude oil swap deals and alleged questionable deductions under the fuel subsidy scheme.

“This criminality masquerading as governance must be stopped and dismantled for a better Nigeria,” he concluded.