The Nigerian Senate has raised alarm over ₦200 trillion in allegedly unaccounted funds at the Nigerian National Petroleum Company Limited (NNPC), launching an investigation into the state oil giant’s financial dealings.
Senate President Godswill Akpabio announced the probe during a plenary session on Tuesday, June 17, citing discrepancies in NNPC’s remittances to the federation account between 2020 and 2024. The revelation has sparked public outrage amid Nigeria’s economic challenges.
The Senate’s Committee on Finance, chaired by Senator Sani Musa, was tasked with examining NNPC’s books, focusing on unremitted crude oil revenues, subsidy payments, and joint venture agreements. Akpabio referenced a 2024 Auditor-General’s report, which flagged ₦150 trillion in unreconciled transactions and an additional ₦50 trillion in undocumented refinery expenditures. “This is a national emergency,” Akpabio said, urging transparency to restore public trust. NNPC Group CEO Mele Kyari denied wrongdoing, claiming the funds were tied to legacy debts and operational costs, per Vanguard.
Analysts link the probe to Nigeria’s fiscal crisis, with oil revenues accounting for 60% of government income. The investigation follows similar probes into NNPC’s fuel subsidy regime, which cost ₦6 trillion in 2022. Critics argue the Senate’s oversight is selective, citing Akpabio’s own controversies. The committee is expected to submit findings by August 2025, with potential implications for NNPC’s leadership and energy reforms.
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