Former Labour Party presidential candidate Peter Obi has strongly condemned the Nigerian National Petroleum Company Limited (NNPC Ltd) following revelations of alleged financial irregularities totaling N210 trillion, uncovered in a recent Senate audit report spanning 2017 to 2023.
In a statement shared via X (formerly Twitter) on Friday, Obi described the scale of the financial discrepancies as “staggering and shameful,” asserting that Nigeria has become a “crime scene” of systemic corruption and impunity.
“How else does one explain the recent revelation by the Senate, which uncovered N210 trillion in financial irregularities? N103 trillion in so-called ‘accrued expenses’ and another N107 trillion in unaccounted ‘receivables.’ No documentation. No accountability. No consequences,” Obi wrote.
He noted that the amount in question more than doubles Nigeria’s combined national budgets (N88.01 trillion) over the same seven-year period, calling it a “criminal, institutionalised betrayal of the Nigerian people.”
Obi criticized what he sees as a culture of zero fiscal discipline, where fraudulent financial practices persist without scrutiny or accountability. He called for urgent structural reforms to end what he referred to as “criminality masquerading as governance.”
“No responsible nation can function like this. The rot must be confronted and dismantled if Nigeria is to survive,” he warned, urging citizens and leaders alike to demand transparency.
The Senate had, earlier in the week, issued a one-week ultimatum to NNPC Ltd to explain the flagged discrepancies in its audited statements. The concerns were raised during a tense session of the Senate Committee on Public Accounts, which was attended by NNPC’s Chief Financial Officer, Dapo Segun, and other top executives.
Lawmakers expressed dismay at the lack of clarity and documentation for over N210 trillion listed under accrued expenses and receivables, describing the findings as “mind-boggling.”
Despite the uproar, NNPC Ltd—which now operates as a limited liability company under the Petroleum Industry Act (PIA)—has yet to release an official response to the audit revelations.
Obi concluded by warning that unless governance systems are reformed and perpetrators held accountable, future generations will bear the burden of today’s unchecked corruption.
