Unaccounted ₦210trn NNPC funds exceed Nigeria’s total budget from 2017 to 2023 — Obi
Peter Obi, the presidential candidate, has condemned what he called the “institutionalised betrayal” of Nigerians following revelations by the Senate that ₦210 trillion in funds linked to the Nigerian National Petroleum Company (NNPC) Limited remain unaccounted for between 2017 and 2023, an amount more than double the country’s total budgets within the same period.
The Senate on Wednesday uncovered discrepancies amounting to over ₦210 trillion in the NNPC audited financial statements from 2017 to 2023.
The Lawmakers, however, gave the company one week to provide an explanation and account for the discrepancies in the financial audit report.
Reacting to the issue that has since Wednessday gained momentum, Obi, in a post on his verified X (formerly Twitter) on Friday, described Nigeria as a “crime scene,” citing the shocking figures as a grave indictment of the nation’s public finance system.
He wrote, “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’?” he queried.
“No documentation. No accountability. No consequences.”
According to him, Nigeria’s total national budget over the seven years was ₦88.01tn trillion, barely 42 per cent of the amount involved in the NNPC irregularities.
A breakdown of Nigeria’s approved annual budgets during the period includes:
In 2017, ₦7.44 trillion; in 2018, it was ₦ 9.12 trillion; in 2019, it was ₦8.91 trillion.
Obi also stated that in 2020, the National budget was ₦9.97 trillion (revised from ₦10.59 trillion due to COVID-19); in 2021, it was ₦13.59 trillion, in 2022: ₦17.13 trillion, and ₦21.83 trillion in 2023.
Obi noted, “Our total national budget within the said period was not up to 50% of the said financial discrepancies and irregularities.
“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 warned that unless Nigeria confronts the entrenched culture of financial impunity, meaningful development will remain out of reach.
“This is not just another scandal,” Obi said. “It is a clear and damning confirmation of a nation held hostage by monumental corruption… This criminality masquerading as governance must be stopped and dismantled for a better Nigeria.”
The former Anambra governor also reminded Nigerians that the same NNPC is yet to account for several other financial commitments, including crude oil swap deals and deductions made from Federation revenues under questionable subsidy claims.
It is with the utmost sadness that I once again reaffirm what I have consistently said: Nigeria has become a crime scene.
How else does one explain the recent revelation by the Senate, which uncovered the audited accounts of the NNPC from 2017 to 2023? The Senate uncovered ₦210 trillion in financial irregularities, ₦103 trillion in so-called “accrued expenses”, and another ₦107 trillion in unaccounted “receivables.” No documentation. No accountability. No consequences.
This is not just another scandal, it is a clear and damning confirmation of a nation held hostage by monumental corruption.
Our national budget within the said period of 2017 to 2023 is as follows:
2017 ₦7.440 trillion.
2018 ₦9.120 trillion
2019 ₦8.916 trillion
2020 ₦10.590 was initially approved and in June revised to ₦9.974 trillion due to COVID.
2021 ₦13.588 trillion.
2022 ₦17.130 trillion
2023 ₦21.830 trillion
Total: ₦88.010 trillion
Our total national budget within the said period was not up to 50% of the said financial discrepancies and irregularities.
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.
No responsible nation can continue to function like this without confronting this truth.
This criminality masquerading as governance must be stopped and dismantled for a better Nigeria.
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