Peter Obi, the Labour Party’s presidential candidate in the 2023 general elections, has condemned what he described as the “institutionalised betrayal” of Nigerians, following revelations by the Senate that over ₦210 trillion linked to the Nigerian National Petroleum Company (NNPC) Limited remains unaccounted for between 2017 and 2023.
The Senate on Wednesday uncovered discrepancies in NNPC’s audited financial statements, including ₦103 trillion in “accrued expenses” and another ₦107 trillion in unaccounted receivables. Lawmakers have given the company one week to provide a full explanation.
Reacting in a post on his verified X (formerly Twitter) account on Friday, Obi described the situation as a “damning indictment” of Nigeria’s public finance system. “How else does one explain ₦210 trillion in financial irregularities, with no documentation, no accountability, and no consequences?” he asked.
Obi highlighted the magnitude of the discrepancies by comparing them to Nigeria’s total national budgets over the same seven-year period, which stood at ₦88.01 trillion, less than half of the funds in question.
Below is a breakdown of Nigeria’s approved national budgets during the period:
- 2017: ₦7.44 trillion
- 2018: ₦9.12 trillion
- 2019: ₦8.91 trillion
- 2020: ₦10.59 trillion (revised to ₦9.97 trillion due to COVID-19)
- 2021: ₦13.59 trillion
- 2022: ₦17.13 trillion
- 2023: ₦21.83 trillion
“This is not just another scandal,” Obi declared. “It is a clear and damning confirmation of a nation held hostage by monumental corruption.”
He further criticised the government’s failure to hold public institutions accountable, warning that unless the culture of financial impunity is dismantled, Nigeria’s development goals will remain out of reach. “This criminality masquerading as governance must be stopped—for the sake of our children and our nation’s future.”
Obi also pointed to other unresolved financial matters involving the NNPC, such as unaccounted crude oil swap deals and questionable deductions under fuel subsidy claims. He reiterated his long-held stance, saying: “It is with utmost sadness that I reaffirm what I’ve always said—Nigeria has become a crime scene.”
