₦airaland Forum

poiZon:
Imagine f00ls that we share country with...
17Trillion stolen by the president n idiot is saying rubbish

aribisala0:
Use your brain and your phone

Flangelo12:
Atiku is lying about the figure.

He knows people would NOT care about the truth.

Home FINANCING NNPCL’s N17.5 Trillion Energy-Security Bill Sparks Outrage, Calls for Forensic Audit
FINANCINGTop StoriesNNPCL’s N17.5 Trillion Energy-Security Bill Sparks Outrage, Calls for Forensic Audit
December 1, 2025Comments Offon NNPCL’s N17.5 Trillion Energy-Security Bill Sparks Outrage, Calls for Forensic Audit
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The Federation racked up a record N17.5tn debt to the Nigerian National Petroleum Company Limited (NNPCL) in the 2024 financial year for pipeline protection, under-recovery on petrol, and other energy-security operations undertaken by the national oil company.

The figure—contained in NNPCL’s newly released 2024 consolidated financial statements—has triggered widespread public concern, with economists and industry analysts demanding a full forensic audit of the spending.

Breakdown of the N17.5tn Cost

Findings show that N7.13tn of the expenditure was incurred as energy-security costs to keep petrol prices stable whenever the gap widened between the exchange rate and the ex-coastal cost of imported fuel.

Another N8.67tn was spent directly on under-recovery—the financial shortfall that arises when the regulated pump price of petrol is lower than the actual landing cost.

In addition, N8.84tn was recorded under Other Receivables from the Federation, representing advance payments made by NNPCL and additional security spending on the protection of oil and gas installations.

https://financialenergyreview.com/nnpcls-n17-5-trillion-energy-security-bill-sparks-outrage-calls-for-forensic-audit/

bixton:
For clarity, Nigeria spent roughly N18 trillion on fuel subsidy over a period of 12 years, a national programme that directly cushioned millions of Nigerians, stabilised the transport sector, and helped keep food prices manageable.”


Atiku just like all politicians will only reach out to those who refused to think for themselves irrespective of their level of education.

We can agree, that the subsidy stabilized the transport sector and helped keep food prices manageable.
But the truth is that the subsidy regimes only appealed to those who were only benefiting from the scheme directly. Those whose bank accounts received alerts for payments of non existent supply of petroleum products while the masses languish in ignorance.




Yet, under President Bola Ahmed Tinubu, the country has now expended nearly the same amount in a single year on the same subsidy and opaque pipeline security contracts awarded to private firms tied to associates and cronies of the President.

Atiku please be reminded that you said that it's your cronies you'll also give out contracts and especially sell the Nigerian refineries to just like under your watchful eyes as VP, Nigerian assets were sold for less it's value.




However, the same administration has now channelled N17.5 trillion—an amount that could transform Nigeria’s power sector, rebuild our refineries, or fund universal healthcare


Is Atiku referring to the refineries that during the administration of his boss, POBJ there were a continuous unsuccessful TAM for the two tenures they enjoyed!?!!?!!.

Even the Aso Villa health care facility can't be used by Atiku while he was in office, if they couldn't find it to be able to make good use of it for themselves is it the health care facilities around the entire nation that they would fund properly and if they have done that during their tenure from 1999 till they left office that sector would not have medical practitioners embarking on strikes.

JASONjnr:
If na me talk this one na.... Mods for vlban me reach 100yrs

But why's my opinion making you sound uneducated?
How can a president steal money when he's got means to generate funds for himself....

Is like saying that a CEO steals his company's money. Does it make sense to you?

bixton:
Whatever Atiku is saying is just half truths. Every administration does that.
Now, the word subsidy was just substituted as "under recovery". I once read about it somewhere and it's a funny approach to running an economy.

In as much as we can say 18 trillion in 12 years is cheaper than 17.5 trillion in 1 year......I can't say if this values are correct but we have to remember that the currency exchange between dollar/naira has increased tremendous.....I still remember that before the elections dollar/naira was $1/#150, but now it's about $1/#1500 approx.

nairalanda1:
So, what is the truth, (not being sarcastic here).?

honesttalk21:
Very well said however exchange rate changes cannot explain an increase of 1.5 Trillion per year to 17.5 trillion in one year. Even with an exchange of 150 at a time there's still an additional 2 trillion unaccounted for. I hope some time soon there's far better accountability more so that NNPC is said to be allegedly privatised.

poiZon:
2025 budget was 54T naira, Deficit is 13T, Debt servicing is 14.3T naira, meanwhile we r wasting 18T naira, monies legally generated by NNPC to secure pipelines, pay subsidies that they have stopped... And some fools r syaing e better make e be tinubu chop am than make atiku chop am... 18trillion would have cancelled the budget deficit and stopped the borrowing of the 13trillion and there about reduce the debt servicing to some extent...
You see this country, e better make we either go our separate ways or military take over...
Why pacify just few individuals in a country of 200m persons?

poiZon:
Why did oceanic bank, intercontinental bank fold?

Who were the chief culprits in their bankruptcy?

Who is the minister for petroleum?

NNpc is still having Under-recovery of over 7T naira, they r paying over 6T for energy security aka pipelines security... Just in 1year...
I thought tinubu stopped paying subsidy, so what is Under-recovery still doing in nnpc audited books?
Have u heard each opposition member that moved to APC was paid 1billion each?

JASONjnr:
You're setting examples that are not adding up...

The oil sector that you bring into this is already corrupt and has a very strong cabal.... Even Dangote who's worldly recognized to be rich couldn't stand them.

The president will do his very best and be rest assured that he will not step on toes.... But he will do his very best.

JASONjnr:
You're setting examples that are not adding up...

The oil sector that you bring into this is already corrupt and has a very strong cabal.... Even Dangote who's worldly recognized to be rich couldn't stand them.

The president will do his very best and be rest assured that he will not step on toes.... But he will do his very best.

poiZon:
Lemme add something so you will ponder on it...
I run a POS biz, beginning February this year every 10k and above transactions that we do, CBN charges 50naira, you receive 10k and above, 50naira is charged too, i just did some projections this afternoon, imagine there r 2billion transactions in the entire country that is 10k and above daily, that gives CBN 100Billion naira daily, if you sum it in a month thats 3Trillion naira.
3Trillion multiplied by 12minths, that's 36Trillion naira...
2025 budget size was 54Trillion nairA...
From just POS we have generated 36Trillion naira...
Ask CBN to account for these monies generated since February this year, peeps like you will come out and defend them.

For context, lagos alone have more than 200k POS, assuming each pos transact about 10 transactions above 10k daily, that's 200k multiplied by 10 which is 2m transactions daily above 10k which atttacts that 50 deductions from CBN.

JASONjnr:
I managed a company some years back and we generated funds to run the company. But then, we still made budgets and ran out of our budgets.

There are certain things that Nigeria will use money for that's not captured on the budget. That's why Nigeria will always sort for supplementary budgets.

Also, the CBN also have its internal maintenance to do. We also pay certain amount of money to world bank and also use funds as giant of Africa to donate to other countries in crisis. Lots of this are not captured on the budget.

But then you have to be a president for you to be able to understand how to run a country and not point fingers simply because you feel you think there's corruption somewhere.

poiZon:
Was GEJ corrupt, answer in the voice of BAt?
Anyone that spend out budgetary allocation is a thief...
Budget captures 100 percent of spending, both capital n recurrent, it captures projected revenue for rhe fiscal year, and also deficit that may arise due to budget size.
Any govt that spends money outside its budget is a thief!

Even if u earn surplus of what you projected, you push it into an account for savings. That's why we had ECA- Excess Crude Account which has been mismanaged since the coming of APC.

JASONjnr:
Again, you can never be right about making a budget that's why we have auditors to help checkmate the spendings.

But then, you will always point fingers until you lead a position that you thought your predecessor was not doing fine.

Tinubu might be political about his statements towards GEJ but these politicians are friends on close door.

I can tell you that, GEJ have a good relationship with Tinubu than GEJ supporters thinks.