₦210tn NNPCL Claim: Prove It or Withdraw It, Group Tells Senate

The Fiscal Accountability Committee of Tomorrow, FACT, has challenged the Senate to either substantiate its controversial ₦210 trillion claim against the Nigerian National Petroleum Company Limited, NNPCL, or immediately withdraw what it described as a misleading and mathematically flawed figure.

In a strongly worded statement issued on Friday and signed by Mr Johnson Momodu, FACT dismissed the sensational allegation as “a category error disguised as a scandal,” arguing that the figure fails basic economic logic and public scrutiny.

The group said the claim does not pass what it called the “market-woman test,” stressing that Nigeria’s entire 2024 national budget stands at ₦28.7 trillion, making the alleged ₦210 trillion discrepancy more than seven times the country’s annual budget.

“In plain language, the allegation suggests one company handled value equal to over seven full years of Nigeria’s total national budget within a seven-year period. Even without a calculator, something should feel off,” the statement said.

FACT argued that the figure being circulated is not cash theft but rather an improper combination of NNPCL’s liabilities, including joint venture obligations and royalties, with receivables such as subsidy claims owed to the company.

“Adding liabilities and receivables together and presenting them as missing money is not a minor accounting error. It is either a fundamental misunderstanding or a deliberate distortion,” the group stated.

Using a simple analogy, FACT explained that owing a landlord ₦500,000 while being owed ₦500,000 elsewhere does not amount to losing ₦1 million.

The group also noted that Senate Committee Chairman, Senator Aliyu Wadada, had clarified that the Senate did not specifically allege theft of ₦210 trillion.

“Once you remove the suggestion of theft, what remains is not yet a scandal. What remains is an accounting issue requiring proper explanation,” FACT said.

To restore public confidence, the group demanded that the Senate urgently publish its methodology for arriving at the ₦210 trillion figure, clearly distinguish between actual losses, liabilities and receivables, and identify any specific individuals, accounts, or unlawful transactions connected to the claim.

“If no direct money trail exists, then what Nigerians are being presented with is not proven financial crime, but a number in search of meaning,” the statement added.

FACT maintained that its intervention is not an attempt to shield any institution or individual, but rather a call for responsible public accountability.

“We are simply tired of watching national discourse collapse under exaggerated figures that defy common sense,” the group said.

The organisation’s final message to lawmakers was direct: “Show Nigerians the math, or withdraw the figure.”
According to FACT, until verifiable evidence is presented, the ₦210 trillion narrative remains “more of a headline than a credible financial reality.”