NNPCL’s N7.1tn question: Why transparency must follow the money

Vanguard· 5h ago· 1 min read

By ADETUNJI ROGERS

The latest scrutiny of N7.13 trillion recorded by the Nigerian National Petroleum Company Limited (NNPC Ltd) as an energy-security expense in 2024 has reignited familiar questions about the national oil company's financial accountability.

According to NNPC Ltd's 2024 audited financial statements, the expenditure arose from a mechanism linked to the difference between the exchange rate used to freeze the ex coastal price of Premium Motor Spirit and the prevailing exchange rate when imports were settled. The company said the amount was receivable from the Federation and charged against amounts due to it under the Petroleum Industry Act. The broader “energy security cost” category also included expenditure relating to the protection of oil and gas assets.

The controversy, therefore, is not necessarily that NNPC spent money on energy security. Nor does the figure,…

Continue reading at Vanguard

Never miss a headline

Get breaking Nigerian and world news straight to your inbox.

Place Your Ad Here

Responsive

View rates & book a spot

Punch