By Stephen Simon
Former Vice President Atiku Abubakar and the Socio-Economic Rights and Accountability Project have separately intensified pressure on the Federal Government over the management of Nigeria’s petroleum-sector finances, demanding explanations for billions of naira recorded or allegedly unaccounted for in public accounts.
Atiku, the African Democratic Congress presidential candidate, has demanded a detailed breakdown of the N11.2 trillion recorded by the Nigerian National Petroleum Company Limited in its 2025 accounts as receivables from the Federation.
He specifically wants NNPC to disclose how much of the amount relates to pipeline and oil-and-gas asset security, who received the payments, what contracts were involved and what results were achieved. He argued that Nigerians cannot properly assess the expenditure without access to the underlying contracts, payments and performance records.
Atiku also compared the N11.2 trillion figure with Nigeria’s N3.1 trillion defence allocation for 2025, arguing that the contrast raises questions about government spending priorities. However, the accounting figure should not automatically be described as N11.2 trillion paid to pipeline-security contractors: NNPC’s accounts classify it as receivables from the Federation, and the figure covers different categories of claims.
NNPC has previously defended its security arrangements, saying its integrated security programme contributed to the recovery of crude production from about 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day in 2025. The company also reported stronger crude and condensate production in its latest accounts.
But Atiku’s demand has now been joined by a separate call from SERAP for an investigation into more than N94.4 billion in petroleum-sector funds allegedly diverted, unremitted, unaccounted for or irregularly spent.
SERAP said the allegations are contained in the Auditor-General of the Federation’s 2024 Volume II Annual Report and involve the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission. It has given President Bola Tinubu seven days to act, warning that it may consider legal action if the demands are not addressed.
Among the issues raised by SERAP are an alleged failure by the MDGIF to remit N26.549 billion in petroleum-product revenue, N12.480 billion in gas-flaring penalties and NUPRC’s alleged failure to remit another N38.610 billion in gas-flaring penalties. SERAP also cited other questioned expenditures and called for recovery of any funds found to have been improperly handled.
The developments are likely to deepen scrutiny of the petroleum sector as the 2027 political contest gathers momentum. They also put greater pressure on the Federal Government and NNPC to provide clear explanations of how public funds and petroleum revenues are being managed.
I strongly prefer these three new headlines and angles. In particular, No. 3 is now much better than our original “Economic Activity Expands…” headline because “Nigeria’s Economy Grows as Household Confidence Falls” gives us the real news tension rather than merely repeating the PMI figure.
