A civil society coalition, the Ajiya Solidarity Forum (ASF), has challenged claims that the Nigerian National Petroleum Company Limited (NNPCL) has a ₦210 trillion discrepancy in its financial records, urging the Senate to undertake a detailed reconciliation of the figures.
The allegation was earlier raised by Senator Ahmed Wadada, who suggested that the national oil company’s accounts contained a massive financial gap. However, ASF described the claim as unfounded, warning that misinterpretation of financial data could undermine credible legislative oversight.
In a statement issued in Sokoto on Monday and signed by its National Coordinator, Hamza Usman, the forum said it recognises the Senate’s constitutional responsibility to scrutinise public finances but expressed concern about what it called inconsistencies in the figures being circulated.
According to the group, the magnitude of the alleged discrepancy raises questions when compared with broader national financial benchmarks. Nigeria’s 2024 national budget stands at about ₦28.7 trillion, meaning the figure cited would be several times larger than the entire federal spending plan.
ASF also noted that cumulative crude oil revenue generated by the country between 2017 and 2023 does not reach the level of the amount being referenced, arguing that such comparisons highlight the need for a clearer interpretation of the financial data involved.
The forum explained that two major figures appear to have been incorrectly treated as missing funds in the public discourse. It said ₦103 trillion classified as accrued expenses represents long-term obligations tied to joint venture operations, including production costs, royalties, and related contractual payments.
In addition, ASF said ₦107 trillion recorded as receivables reflects funds owed to the national oil company, including government subsidy obligations and other outstanding payments.
According to the group, combining these figures as evidence of a financial gap does not accurately reflect how balance sheets are structured in large-scale energy operations.
The forum also referenced the tenure of Umar Ajiya, the immediate past Chief Financial Officer of NNPCL, noting that the company began publishing audited financial statements for the first time in over four decades during the period.
ASF added that the company’s transition from a statutory corporation to a commercially oriented entity under the Petroleum Industry Act (PIA) involved complex legal and structural adjustments.
The group said the ₦5.9 billion cost associated with the incorporation process covered legal, regulatory, and restructuring requirements linked to the transition.
ASF cautioned that public debates driven by unverified figures could damage investor confidence and diminish the credibility of Nigeria’s oversight institutions.
The forum therefore called on the Senate Public Accounts Committee to conduct a comprehensive technical review of the financial records, rather than rely on public exchanges that may not fully reflect the complexities of the company’s accounts.
It also urged lawmakers to work within the accounting framework established under the Petroleum Industry Act to distinguish between liabilities, receivables, and actual revenue discrepancies.