Opposition Raises Alarm Over NNPC’s ₦17.5tn Energy Security Spending, Demands Full Disclosure

By Yinka Giwa
The African Democratic Congress (ADC) has raised alarm over what it described as the extraordinary rise in energy security expenditure contained in the Nigerian National Petroleum Company Limited (NNPC Ltd.)’s audited 2024 financial statements, calling on the Federal Government to provide a detailed account of how the funds were spent.

In a statement on Tuesday, the opposition party said figures contained in the audited accounts showed that NNPC recorded ₦7.13 trillion under “Energy Security” in 2024, adding that when other fuel-related costs and receivables reflected in the financial statements are taken into account, the total exposure rises to about ₦17.5 trillion.

According to the ADC, the scale of the expenditure raises questions that require urgent public explanation, particularly when compared with the public debate that surrounded pipeline surveillance contracts worth about ₦48 billion only a few years ago.

The party said while safeguarding Nigeria’s oil and gas infrastructure remains a legitimate national priority, expenditure incurred in the name of national security must remain subject to public accountability.

“The bigger the bill, the stronger the obligation to explain it,” the party said.

The ADC noted that public reports have consistently identified Tantita Security Services Nigeria Limited, a company linked to former Niger Delta militant leader Government Ekpemupolo, popularly known as Tompolo, as a major beneficiary of pipeline surveillance contracts.

It argued that recent reports of Ekpemupolo’s involvement in mobilising support for President Bola Tinubu’s re-election campaign make transparency over the expenditure even more necessary.

According to the opposition party, Nigerians deserve to know whether public funds appropriated for pipeline protection have been deployed solely for safeguarding critical national assets or whether the line between government expenditure and political activities has become blurred.

The ADC therefore demanded full disclosure of pipeline surveillance and energy security spending since President Tinubu assumed office in May 2023, including details of contractors, contract values, payments made, outcomes achieved, and whether any independent value-for-money assessment had been conducted.

The party said such information should ordinarily be available in a democratic society and insisted that Nigerians have a right to know how trillions of naira in public funds have been utilised.

It further argued that at a time of rising inflation, high transportation and electricity costs, business closures, and growing unemployment, citizens are entitled to ask whether the huge expenditure on energy security has translated into improved security, increased oil production, or broader economic benefits.

The ADC called on President Bola Tinubu, the Board and Management of NNPC Ltd., and the relevant committees of the National Assembly to publish the full details of the expenditure.

“The question is no longer how much was spent. The question is what Nigeria has to show for it,” the party stated.