Former Nigerian Vice President Atiku Abubakar demands an independent investigation into the N17.5 trillion the government recorded as pipeline security and related expenses in one year. He frames the figure as a moral failing of the current administration.
He states that the spending, contained in the 2024 audited financial statement of the Nigerian National Petroleum Company Limited, exceeds the total fuel subsidy expenditure over a 12-year period. He describes the outlay as one of the country’s largest financial scandals and claims the funds appear to benefit individuals close to the president.
He contrasts the spending with the N18 trillion used for fuel subsidies across more than a decade. He argues that the subsidy provided economic relief by stabilising transport fares and food prices, while the new spending offers no similar public benefit.
He alleges that the administration has replaced public-facing subsidies with opaque security contracts. He points to NNPCL disclosures showing N7.13 trillion allocated to energy-security costs and N8.67 trillion to under-recovery in the same period. He notes that this occurred while petrol prices exceeded N1,000 per litre in parts of the country.
He condemns the categories as lacking transparency and labels the spending pattern as a form of public theft. He calls for an impartial inquiry to determine how the funds were allocated and who benefited.
He emphasises that the expenditure represents a broader pattern of fiscal practices that weaken public trust. He states that the scale of the alleged irregularities makes an independent probe unavoidable.
NNPCL’s 2024 audited report shows revenue of N45.1 trillion and profit after tax of N5.4 trillion. Revenue rose by 88 percent year-on-year, and profit increased by 64 percent. In 2023, the company reported N3.297 trillion in net profit, up from N2.548 trillion in 2022.
