NNPC’s N7.13tn: What does Nigeria have to show for it, ADC asks

By Luminous Jannamike ABUJA – The African Democratic Congress (ADC) has challenged the Federal Government and the Nigerian National Petroleum Company Limited (NNPC Ltd.) to account for the N7.13 trillion recorded as energy security expenditure in the company’s audited 2024 financial statements, saying Nigerians deserve to know what the country has to show for the spending. For the opposition party, the issue is not simply the size of the expenditure but whether trillions of naira in public funds translated into safer oil infrastructure, stronger energy security, improved public revenues and tangible benefits for ordinary Nigerians at a time of mounting economic hardship. Mallam Bolaji Abdullahi, the ADC’s National Publicity Secretary, signed the statement, which called on President Bola Tinubu, the Board and Management of NNPC Ltd. and the relevant committees of the National Assembly to immediately publish a comprehensive breakdown of the expenditure, including the beneficiaries, payments made, outcomes achieved and any independent value-for-money assessment of the spending. The ADC also linked its demand for greater transparency to Government Ekpemupolo, popularly known as Tompolo, whose company has been publicly identified as a major pipeline surveillance contractor. It noted that Ekpemupolo has also emerged as a prominent mobiliser for President Tinubu’s re-election campaign, arguing that the development makes it imperative for the government to demonstrate that funds appropriated for pipeline security are being used solely to protect critical national assets and not to support partisan political activity. The ADC said NNPC Ltd.’s audited 2024 accounts recorded N7.13 trillion under “Energy Security” for the 2024 financial year. According to the party, the figure represents an increase of almost 14,800 per cent over the pipeline surveillance contract of about N48 billion that previously generated national debate. It added that when other fuel-related costs and receivables reflected in the accounts are taken into consideration, the amount rises to about N17.5 trillion. “Nigerians deserve to know what accounts for such an extraordinary escalation and, more importantly, what value the country has received in return,” the statement said. While acknowledging that protecting Nigeria’s oil and gas infrastructure is a legitimate national priority, the party maintained that security-related expenditure should not be exempt from public scrutiny. “The bigger the bill, the stronger the obligation to explain it,” the ADC stated. The opposition party also demanded details of all spending on pipeline surveillance and energy security since President Tinubu assumed office in May 2023, including how much had been spent, who received the contracts, how much was paid, the results achieved and whether any independent value-for-money assessment had been carried out. It argued that, with families struggling under the rising cost of food, transport and electricity, businesses shutting down and many young people unable to find jobs, Nigerians deserve to know whether the huge expenditure has made the country more secure, strengthened the economy or improved their daily lives. The party added: “These are ordinary questions that, in any democracy, should attract ordinary answers.” The ADC therefore urged President Tinubu, the Board and Management of NNPC Ltd. and the relevant committees of the National Assembly to immediately publish the full details of the energy security expenditure. The post NNPC’s N7.13tn: What does Nigeria have to show for it, ADC asks appeared first on Vanguard News.

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