NNPC’s N7.1trn Energy Security Spend Under Fire as Total Debt Hits N17.5trn

The Nigerian National Petroleum Company’s 2024 audit report reveals N7.13 trillion recorded as “energy security expenses,” with total receivables from the Federation reaching N17.5 trillion. The report cites under-recovery on fuel imports and pipeline protection costs but offers no detailed breakdown. Opposition figures have demanded transparency, questioning what Nigeria has gained for such massive spending. The African Democratic Congress and former vice-president Atiku Abubakar say the so-called fuel subsidy has merely been repackaged and are calling for a full public account of contracts and expenditures. Energy experts warn that hiding subsidy costs behind “security” charges undermines governance and may evade parliamentary oversight. They urge a forensic audit and clear disclosures to ensure accountability.

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